Your will may well be one of the most important documents you ever sign. During your working life you have accumulated investments and assets that you wish to pass to your family, friends or organizations of your choosing and in the amounts that you want to donate.
Not having a properly drawn will can lead to family disputes, ill will and costly legal battles to determine the beneficiaries of an estate.
Some individuals die without a will (intestate) which may well lead to the court appointing an administrator, with government regulations determining the beneficiaries and what each will receive. This may not be the way you would wish your estate to be distributed.
Under a will you can name the beneficiaries to obtain assets outright however you may also wish to set up on-going trusts for children or other individuals that may be underage or unable to efficiently handle financial affairs.
An example may be funds set aside for your grandchildren’s education. You can determine the amount to be held, how the beneficiaries qualify to get funds from the trust, and the amounts they are to receive.