A will ensures that, after death, a person’s estate is distributed in accordance with his or her wishes. In the absence of a will, it is unlikely that the statutory intestacy rules will reflect the deceased’s intentions. This can lead to an unhappy family situation, as well as difficult and expensive disputes.
A well-drafted will may also provide the potential for substantial tax savings. Will drafting is a complex area and governed by esoteric rules, many of which are centuries old in their origins. For example, many people do not know that marriage revokes a will, or are unsure of the impact on the terms of a will of the lifetime disposal of property specifically gifted under a will, or the consequences of a named beneficiary predeceasing the person making the will.