Wills & Estate Planning
What is a Will?
It is not something we like to think about, but inevitably one day you will have to leave your business or farm, whether by selling up, retiring or leaving for health reasons.
It is very important to have a succession plan in place that makes the transition easy.
Preparing a Will
John C. Palmieri Solicitor can set yourself and your loved ones up for the future with a range of Wills and Estate planning services
Who will be your executors? Your executors have the legal and administrative task of sorting out your assets and debts after you die and making sure that your wishes as outlined in the Will are upheld
Who will be your beneficiaries and what effect will their inheritance have on their circumstances? You can designate anyone as a beneficiary and distribute your assets in any way you like. However, if you don’t provide for your family and dependents, your Will can be contested and your hard earned assets used on litigation fees. You should also consider the effects that an inheritance may have on your beneficiaries. In some cases, a testamentary trust can sidestep potential taxation problems, so it’s important that you get specific advice about your situation
How do you know a Will is valid? To be valid, the person making the Will must be mentally competent and the Will must be correctly signed and witnessed and show no evidence of tampering. The witnesses to the Will cannot be beneficiaries, or related to beneficiaries, and must be over 18 years old. If there is any doubt or potential for dispute as to your mental competence, you should get a doctor’s confirmation of your capacity to make the Will and include it with your Will
How often should you review your Will? You should certainly review your Will after any major events, such as marriage, divorce, property purchase or sale, death of a beneficiary or if your assets change significantly. We also recommend that you take a look at your Will every couple of years just to make sure that it is still the best instrument for you and for your family