Wills and Succession Planning

Do you have a Will? Is it valid and up to date? A legal Will is essential – it can help protect your family and give you the best chance of ensuring your assets are allocated according to your wishes.

A Will is a document that sets out who will receive your property and possessions in the vent of your death. You can also name Guardians for your children (under 18) and ensure their maintenance, education, and future are sufficiently provided for.

If you die without a legal Will, what the law terms Intestate, your estate could be divided up according to a Government formula. If that happens, obviously you’ll be in no position to have a say and it could cause undue strain for your family. You must act to safeguard against this happening.

Many people who have a Will never update it. A Will is a constantly evolving document. It should be updated at least every five years, or whenever you experience a change in circumstances, such as a marriage or divorce, birth or adoption of children, or a significant change in your assets.

SUCCESSION PLANNING

What will happen to your family farm or business when you no longer work in it?

Though it may seem like that day will never come, or that retirement is a long way off, these are important decisions that shouldn’t be left to chance or simply ignored.

Each family situation is unique, and so too are farms and businesses. You may think your Will is sufficient for your circumstances and accurately reflects your wishes, but this may not be the case.

Concise and sensible planning should start early. It’s very likely you will want to begin the transfer of property or management control, and assets, long before your Will is the guiding document.

Joplin Lawyers are experienced in helping families plan for their future, helping to facilitate and mediate discussion, providing open communication and drafting up all vital legal documents needed to guarantee your succession plan is carried out accordingly.