You can construct a very well thought out and complicated Will or a simple Will. However, the test will be when you die and whether the estate is distributed according to your wishes.
Wills can be challenged, especially if a family member misses out from receiving a distribution of estate proceeds. Accordingly, it’s important that the Will is constructed with a view to being effective when it’s eventually implemented.
With this in mind, it is recommended to openly and transparently discuss your Will with your beneficiaries and dependents as early as possible.
And, due to the complicated nature of estate planning, Wills and asset distribution it’s highly recommended that you seek specialist legal advice.
If you’re a potential beneficiary of a Will it might be worth asking ‘How will I receive the money?’ This may save a lot of tax and heartache down the line.
It’s wise to review your Will at regular intervals and when your circumstances change ensure it still meets your needs. This may require amendments to draft a new Will.