A Will sets out a person’s wishes as to who should receive their property and assets after that person’s death.
It is probably one of the most important documents a person should have. In the absence of a Will, a person’s property is distributed in accordance with an Act of Parliament and may not therefore reflect that person’s wishes or intentions hence the importance of having a valid Will.
Estate planning is the process of a lawyer sitting down with a client who wishes to plan carefully for the future financial wellbeing of his or her family.
The client quite often will involve their accountant or financial planner in recommendations as to what would be best for the particular client.
Estate planning is particularly apt in situations of blended families where care must be taken to recognise claims that may be directed toward the client or the client’s estate after the death of the client. Tax considerations play a prominent part and testamentary trusts are a particular favourite of accountants and financial planners and usually included in the client’s Will.