The Wealth Room

Wills 101

Ensuring you have a valid will can make all the difference to your family when you pass away. Without it, the laws of intestate succession come into play. This means your estate will be divided according to a specified formula by law. A will is a crucial part of your estate and financial planning, as it stipulates how you want your assets to be dealt with on your death. Proper estate planning will ensure your estate is set up in a tax-efficient way that not only benefits you during your lifetime, but also your beneficiaries after your death. It is worthwhile to get professional advice whilst drawing one up.   Things to remember when drafting a will: • Keep the wording simple. • When referring to a person, use their full name and a short description, for example 'my n