A will tells everyone what should happen to your estate after you die. If you don’t leave a will, the law decides how your estate is passed on.
You can also use your will to tell people about any other wishes you have, like instructions for your burial or cremation.
A trust is a way of managing assets (money, investments, land or buildings) for people.Trusts are set up for a number of reasons, such as:
- to control and protect family assets
- when someone’s too young to handle their affairs
- when someone cannot handle their affairs because they’re incapacitated
Is your situation more complicated than other people?
Who would you appoint to make sure that your wishes are carried out?
More than one person, perhaps a professional?
Maybe a trusted friend or relative/s. Are they up to it? Do they know what it entails and are they young enough to be likely to survive you?
Is the value of your property going to help pay for your care home costs?
Most of us work very hard over the years to buy our own homes and build up our savings for our retirement and would like to leave a “little something” for our children and grandchildren after we are gone.
Powers of Attorney
If you become unable to make decisions for yourself in the future, someone will need to make decisions for you. Who does this will depend on the situation.
You have built up a sound business to benefit you and your family and naturally, you would want to ensure that your loved ones are provided for in the event of your death. So what if the worst should happen and either you, or a business partner were to die?