 MAKING A WILL
A VALID WILL IS THE FIRST STEP It is important that everyone has a
valid Will. Curiously, this is something many people put off doing. Some
simply buy a Will kit. Others go to a trustee company and get them to
write the Will. Another alternative is to get outside professional
advice from a specialist and appoint a family member as executor. What
is best for you?
A WILL KIT Doing it this way is OK - but make sure you get it right.
There is a fair chance you could overlook some things you never thought
of, or use misleading words or phrases resulting in unintended
consequences.
A TRUSTEE COMPANY Often they will write a Will free of charge on the
condition you appoint them as executor. In this case, substantial
commissions or fees could be levied against your estate. (Remember,
there's no such thing as a free lunch).
WHAT ARE THE ALTERNATIVES? A valid option is to appoint your spouse,
partner, a trusted friend or relative as your executor.
If you do this, your executor can then seek help from someone who has
detailed knowledge of the issues required to assist in settling family
disputes and other matters that often arise when the question of
inheritance is being decided. It's like giving your executor a
professional coach. Fees are usually much less than a trustee company
would charge. They are a set price and not based on a percentage of the
total estate.
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