WILL WRITING:

A Will is the instrument, by which money, real estate, and personal property are distributed after your death. Common Law, the system upon which some countries base their laws, allows each of us to say freely to whom our possessions are given when we no longer need them.

Some people think that a Will isn’t important, but when you’re a long way from home and have a few roots down in foreign soil; any problems arising from not having a Will are compounded. Letters that have been signed in writing but haven’t been witnessed, count for nothing. Verbal instructions are only valid if they’re given by a soldier on the battlefield. In the absence of a Will that fulfils the legal requirements, the rules of intestacy are brought to bear, both in your home country and wherever you own property or substantial assets. These are imposed by the government and vary from country to country, and indeed from state to state in places like Australia, Canada, and the USA.

LIVING WILLS:

A Living Will, also known as an Advance Medical Directive, is a document that allows you to state your wishes for end-of-life medical care, if you are unable to communicate these wishes down the line. It has no power after death, and you will still need other estate planning documents, like an Enduring Power of Attorney and a Will, to cover your financial affairs and, post-death, your estate. Proper documentation allows your family (or other appointed by you) to act on your behalf, if you are incapacitated.

Many countries have a standardised ‘Advance Medical Directive’, which is often the only legally acceptable way to make your wishes known, albeit a very brief document in a prescribed format. A Living Will may not carry the same legal status as an Advance Medical Directive, but it supports an Advance Medical Directive, going into detail about specific aspects, often not apparent in the legal document, including your wishes about your medical treatment, palliative care, religious attendance, etc., if you’re caught in a medical crisis and cannot make yourself understood. This could be when there is brain damage, a condition that renders you unconscious, or where sedation or pain relief leaves you in a coma. These severe conditions could result from an accident, a stroke, or an existing worsening illness, such as dementia or a brain tumour.

A Living Will may allow for treatment that, whilst making things more bearable, may shorten your life. Most doctors will welcome such information directly from their patients and will do their utmost to comply with your written wishes. A Living Will can also cover issues such as religious requirements, organ donation, a list of people to notify of you your condition, and, importantly, naming a medical proxy who will be able to make decisions about your ongoing healthcare.

ESTATE PLANNING:

As Benjamin Franklin once said, “In this world, nothing can be said to be certain, except death and taxes”. While some countries, such as Hong Kong, do not have Inheritance Tax (IHT), it is vital to understand the tax implications of each country you have assets in.

For example, property owned in the UK is subject to IHT in the UK irrespective of whether you have lived there.

Estate planning strategies can help mitigate or reduce taxes that may be due and ensure that more of your wealth is passed to your loved ones.

SECURE WILL STORAGE:

Having a Will is no good if it cannot be found. It’s estimated that almost one-third of Wills go missing, making the probate process increasingly challenging to navigate. We should also note that having a copy of a Will, whilst valuable for your records, is not valid for probate submission.

Suppose your original Will cannot be found. In that case, the court will deem you to have died intestate, which may subsequently lead to unnecessary stress for your family, delays to your beneficiaries receiving their inheritance, and your wishes not being executed as you would have hoped.

Phoenix Wills offers a safe storage solution, keeping your Wills and other estate planning documents safe, while keeping in touch with you and your executors, ensuring that your documents are easily accessed, should they be needed.

REVIEW & UPDATE SERVICE:

As time goes by, your circumstances may change, and perhaps your wishes and estate planning needs will too.

Phoenix Wills offers an Annual Review Service, which will ensure that your Wills and estate planning documents are kept up to date.