Who needs a Will?
It’s not a fun topic to discuss, but preparing a Will is not just something for Grandparents to think about (although if they don’t have one they should think about it). Anybody over 18 years of age (or under 18 and married) should have a Will.
One reason to have a Will, before even considering someone’s debt or what the beneficiaries will receive, is to appoint an executor. The Executor is the person that is responsible for the administration of an estate. They ensure debts and beneficiaries are paid what they are due or is left to them.
The obvious reason that most people have in mind for preparing a Will is to nominate beneficiaries. A beneficiary will receive the money or property of the deceased as laid out by the conditions of the Will. This can be individual people or organisations, such as charities. If a person’s estate doesn’t have a Will with nominated beneficiaries, the Government can allocate your money and belongings. This is based on a calculation and may not result in the allocation that you would have liked to have seen.