Consequences of Not Having a Will

There are many disadvantages of not having a Will. Some of these include:

  • Strict laws (Law of Intestacy) will decide who inherits your assets. This may include beneficiaries whom you may not have wished to benefit or may exclude persons whom you would have preferred to benefit.
  • Minor beneficiaries’ inheritances will go into a government fund (called the Guardians Fund), earning minimum interest. It is not as good a structure as a testamentary trust when it comes to the maintenance of the minor beneficiaries.
  • You will not have the opportunity to appoint an executor of your choice who will be in control of your estate.
  • If you have children, a guardian, whom may be different to the person you would have preferred to care for your children, may be appointed by the court.
  • The opportunity to allocate death taxes in the best possible way will be lost. This could mean that the Commissioner of Revenue may have a bigger bite of the apple.

Contact us for assistance in drawing up your will.