As a Financial Adviser, it is of concern to me just how many people I talk to who have no WILL at all. There are those couples who do have a WILL, that was drafted several years ago. Better one has an old Will, than NO WILL at all.
What is a WILL?
A Will sets out your wishes and how you want your affairs to be managed, after you are gone. A WILL sets out:
who you'd like to provide for;
who you'd like to leave special gifts or sentimental items to;
who you'd like to look after your children (appointing guardians);
your wishes for your funeral;
appointing an executor to (administer) carry out your wishes...
The person you appoint as the executor is responsible for managing your estate.
It is really important that the person you appoint is qualified, as this is often a complex job. The executor needs to have the necessary experience to manage this process, on your behalf. There are professional administrators, such as Public Trust, who you could appoint to act as your executor.
Executors will charge based on the work involved, whereas some may charge a fixed percent of the value of your estate.