A last will and testament is a written document in which a person, the testator, voluntarily sets out his instructions regarding the distribution of his assets after his death.
Every person who is older than 16 is entitled to make a will, unless at the time of making the will the person was mentally incapable of understanding the nature and effect of his act.
For the internationally mobile it is also worth noting that if you have an estate with assets in multiple countries, it is necessary for you to have a Will in place to cover each estate in each country, not just a single Will in one country.
Do I need a Will?
The result of a dying without leaving a Will is that you will have been said to have died intestate, and in this instance it is up the government of the country in which the assets are owned to determine who they are paid out to, and in what proportions.
Intestate rules can vary massively from country to country and it is therefore crucial to be informed as to the rules governing each jurisdiction in which you have assets.
So in answer to whether you need a Will or not, it is fair to say that if you wish to have any degree of control over the distribution of your estate after your death, it is absolutely imperative that you make a Will.
At MountHurstTM Wealth we understand the importance of succession planning and our personalised Estate Planning Consultations we concentrate on:
- The specific wishes of Testators and their heirs
- The impact of estate duty, income tax and capital gains tax
- The use of asset protection opportunities to preserve wealth
- Offering advice on the distribution of one’s estate
- International Succession
Please Contact Us for a Last Will and Testament consultation