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Is a will just one more piece of legal jargon to deal with? Well, probably. But, just like having adequate insurance cover, having a will is another part of being in the right financial shape.

Legislation, such as the Matrimonial Property Act and the Property (Relationship) Amendment Bill, exists to provide some protection to married, de-facto and same-sex partners, in the event of a partner dying without leaving a will (or intestate, as it's known in legal circles).

A current will is important, because

  • It allows your wishes to be carried out,
  • You can ensure that those whom you want to receive your assets and possessions, actually do,
  • Your partner and children, no matter what your personal living arrangements, will be looked after as you wish,
  • It will help overcome potentially difficult issues, for example, the claims of business partners, and
  • It allows you to choose an executor.

It may be useful to have a professional trustee as one of your executors:

  • They can assist you in the preparation of a will,
  • Their professional support will assist the other executors, and
  • During a potentially difficult time, they'll take pressure off your other nominated executors, who are likely to be close family and friends.

Real estate lawyers conveyIT offer information on an update to the relevant legislation.