Appleton Chairman, Ian Kilbride, contends that wills are not just for 'old' people

Dear Reader,

An acquaintance of mine recently remarked, “But Wills are for old people - right?”. While I understand this common misconception, it is misguided. Wills serve multiple purposes and to assume one only needs to think about drafting a Will in later years is to miss the point entirely.

Perhaps the first misconception is that drafting a Will is all about the somewhat morbid subject of dying. For me that is the wrong point of departure. In my view, drafting a Will is the most important step in financial and estate planning. After all, a Will is the primary legal document that ‘captures’ all your material assets such as movable and immovable property, encourages you to think about distribution and tax matters and of course, is an instrument of thoughtfulness and kindness to your heirs.

Drafting a Will makes you think thoroughly about your wealth, (now and in the future) and to consider very seriously how you would like to pass on that wealth and to whom upon your passing. For example, how exactly would you want your surviving spouse or partner to live if you were to pass before them?

I also favour discussing your Will with your family and heirs before speaking to your Wealth Specialist or Financial Advisor to plan and draft the final document. I believe it is only fair that your family and heirs know what you are planning to put into your Will, which not only allows them to make input, but also limits the disputes at the time of your passing.

In addition to involving your family, I want to make one very important recommendation. Your Will may be the most important document you will ever sign and in fact could be the most important one for your family and heirs too, so please do not leave the drafting of a Will to an unqualified non-specialist.

Estate planning and Will drafting are highly specialised skills and professions and selecting a fully qualifies and trusted specialist is vitally important, not only to ensure your Will is executable, but to ensure it is written in the most tax-efficient manner.

Remember, a well-crafted Will leads to a smoother deceased estate process. A badly drafted Will can lead to untold complications, frustrations, disputes and financial losses.

This is the last time I will speak to you in 2025, so allow me to take this ‘early’ opportunity to wish you a fabulous year end and I look forward to being in touch with you again in early 2026.

Yours sincerely,