Your Final Say
A will is a special plan of action to one or more people to carry out your instructions that are legally binding on them and enforceable by a court. It is your LAST opportunity to have THE last word in any discussion about what to do with you and your things once you have passed.
At the introduction, the will maker is named, and the historic tradition is that their place of residence and occupation is recorded, in order to differentiate between John Brown, the Butcher, and John Brown, the Baker.
This is followed by a statement that all prior wills or statements that might be considered a will are revoked. That statement makes the will your last word on the subject.
A will then appoints one or more people to be the executors and trustees of the will. They usually start by listing what you own and what you owe. This is commonly referred to as your estate. The appointed executors are best placed to manage any issues concerning taxes or any debts owed to you or by you. As executors, their duty is to collect in everything that is yours and pay debts that can be proven. If your will instructs them to turn everything into money, then they sell items until that task is complete.
Once the estate consists of only money then the appointed people become trustees. They hold those funds on trust to distribute following the remaining instructions in your will including first having your estate pay for your “sendoff costs”. Gifts in the will to anyone under the age of 18 will be held in trust by the trustees until the recipient reaches the age specified in the will.
If you are a parent to anyone under the age of 18, your will can appoint one or more guardians for them, and they will stand in your place in a parental role for decision making but not necessarily the day-to-day care unless that is what you have agreed with them. The guardian and the trustees will consult on any advances from funds held on trust that may be needed for the maintenance, education, or general welfare of the child or children.
As your last word on the subject, your wish to be buried, cremated, or otherwise processed is your decision that is legally binding on your appointed people.
Your Action Plan
Essentially, a will is your action plan for who gets your assets, who cares for your children, if any, and how you are sent off. This clarity of planning generally makes things easier and time efficient for the people in your life who have survived you, reducing stress, minimising confusion, controlling costs, and speeding up any legal processes needed in connection with your estate.
What Happens If You Pass Without A Will?
If you pass without a will then you have no say in any discussion about what to do with you and your things. The law decides who administers your estate and how it is to be distributed. The law also decides who becomes guardian for your children, and in some cases, this can require an application to the Family Court which is almost certainly a lengthy and costly process that will have to include more people than you may have imagined. These uncertainties can add time, stress, confusion, uncertainty, and costs for those you leave behind.
