Im getting around to writing a will, no really I am.
If I forget to write my will however, what will actually happen to my assets? A question I have pondered on very briefly as I move on with thinking about other things more pressing than a will and testament.
If you know of anyone that has gone through losing someone they love, you will understand why paperwork and uncertainty is best kept to a minimum. A will is vital to ensuring this.
What if I don’t have a will and I die?
If you don’t have a will, somebody will have to apply to the High Court, for who has the right to administrate the estate of that person.
And things could be split up, to something like an example, a third to parents, two-thirds to the spouse or something like that possibly? This is provided by the administration act, about how to distribute according to a formula provided by law. That could lead to some unintended consequences. The time delays can be a worry especially if bank accounts were operated by the deceased.
Where do you go to get a will?
I think a lot of people come to lawyers and they will advise what suits the client. Some people use the Public Trust, each has its pros and cons. Especially around the legal costs.
Who knows that I’ve got a will?
A will is a private matter. Sometimes people don’t want people to know that you have a will. Generally it could be a good idea to make copies and give them to someone you trust, the lawyer might keep the original.
If no one knows you have a will, a lawyer may publish in the law magazine to see if any lawyer holds the will.
