Where there’s a Will, there’s a way - An essential part of any well-constructed financial plan should be a legally valid Will

The Will is a document that o­nly comes into operation after our death. We use this document to distribute our property to the people we think most deserving to inherit it, says Old Mutual Senior Legal Adviser, Jenny Gordon.

Dying without leaving a legally valid Will is known as dying “intestate”. And that can have some serious consequences. “In such cases,” says Gordon, “the law of the land determines how our property must be distributed – to whom, and in what proportions.

If you fail to leave a legally valid Will, any money due to your minor children must be paid into the officially administered Guardian’s Fund, until the child reaches the legal age of majority.

“There are some disadvantages to this. Firstly, the rate of interest in the Guardian’s Fund is comparatively low. Secondly, you may have wanted the child to receive the money at some other date”, adds Gordon.

So when you have a legally valid Will, you also have the peace of mind of knowing that your property will be divided and distributed after your death – exactly as you wanted.

But there’s something else to consider. “A Will is a document which o­nly comes into operation after our death. So it must be reviewed regularly, and if necessary, changed and adapted to meet our changing circumstances as we go through life.”

Be aware of your will. Take it out and read it again every couple of years to refresh your memory, and consider whether it still meets your intentions. Have you got married or remarried? Has there been a death or marriage in your close family? Have some family members developed a special need for care or maintenance?

Because a Will is o­ne of the most important documents you will ever sign, it makes sense that you should have it drafted by an experienced professional, for example, an attorney, accountant or trust company.

“There are numerous pitfalls that need to be avoided when drafting Wills,” warns Jenny Gordon. “For example, words like “assets”, “residue” “heirs”, “cash” and “personal effects” must be used accurately to convey your intention, because they have specific meanings in law.”

Each of us wants our financial plans to help us achieve our goals and to take care of us, and the people who are important to us. Let’s not forget the old saying that where there’s a will, there’s a way.