‘Tis the Season to Update Your Will
It is a good time to revisit the case of Hanna v Hanna, a perfect example of how a well thought out Will can avoid costly litigation surrounding issues such as the appointment of a representative to administer your estate.
Mr Hanna died without a Will and therefore he did not appoint an executor. His siblings and some of his nieces and nephews inherited his estate under a statutory formula. A dispute arose over which beneficiary should be appointed to administer his estate which resulted in the Supreme Court appointing an administrator to settle the dispute. The Court’s decision was later appealed by a beneficiary. This dispute was no doubt a very costly exercise and significantly delayed the administration of Mr Hanna’s estate.
A Will allows you to appoint a suitable executor to administer your estate. A Will also allows you to distribute your assets the way you wish, rather than relying on a predetermined legal formula not tailored to suit those you intend to benefit.
A Will also enables parents, on their death, entrust a guardian with the important role of caring for any minor children.
Our Wills & Estates team can assist you in preparing a Will to suit your individual circumances. You may also consider making a Power of Attorney to appoint someone to make financial, legal, medical and lifestyle decisions on your behalf if you are incapable of making those decisions yourself.
If you require assistance on making a Will or any other estate issue you can seek advice from one of our Wills & Estates lawyers.
Author: Andrea Olsson