What is a Will:
A Will is a legal document that sets out your wishes in terms of the distribution of your assets and also other wishes that don’t necessarily have financial value (such as who should take care of your children if there aren’t any other parent).
Should one pass away without a will their true wishes may never get carried out and those left behind might end up fighting over assets and other issues that could’ve been resolved had there been a will.
How your will is structured will determine how effective it will be. No, it will not resolve every issue that is likely to occur, but it will set out the tone for everything that will happen.
Why Do You need one:
Save time, money, and stress for your loved ones:
A will is likely to save your loved ones a lot of money because there will be no lengthy legal battles that will result in unnecessary costs. Obviously, there will be those who will want to contest the will but if the will is structure correctly the battle will be over before it truly gets started.
Determine who will manage your estate:
Once you pass on your assets will be transferred to an estate and an executor will be assigned to handle your estate. In your will you will nominate an executor and the Master of the court will approve or reject that person depending on their qualifications.
The executor will be charged with the responsibility of wrapping up all your affairs.
Decide who gets your assets and property — and who does not:
As mentioned above the executor will be wrapping up your affairs based on your will. Your will is going to tell the executor who is getting what and in some cases, it will tell the executor who is not allowed to get any part of your estate.
who should get one done:
Short answer is anyone who is legally allowed to do so or simply put anyone above the age of 18.
You don’t need to have millions in your bank account to do so. When you pass away your assets, regardless of the size, will become part of an estate.
There are two types of estates:
- Deceased Estate (if one had a will in place it will be used to guide this)
- Intestate Estate (Intestate succession) (those who pass away without one will fall under this category)
The two types of estates are explained more in details in the video below.
Where can you get one done:
One can get a will done at a number of places and here is a list of some of the obvious places:
- Your Bank
- Your Lawyer
- Your accountant
You can even draft it yourself if you wanted to but the following need to be met in order for a will be valid:
- Signed by testator (yourself) or with him or her present
- Two (2) Competent witnesses (emphasis on the competent)
- All pages must be signed by the testator and the two witnesses
- Making of a mark (Commissioner of Oath or Commissioner must sign)
- The witness cannot benefit from the will
- Witness cannot be an executor
- Executor cannot be assigned any asset in the Will.
Anyone who is above the age of 16 can draft a Will on a testator’s behalf
Where can you get one done:
The question shouldn’t be when but rather why you haven’t gotten one done???
There are a number of places where one can get it done and your hardest decision is who will be your executor and most people who draft your will are likely to encourage you to make them the executor so that they can get their share of the 3.5% of your estate and 6% of the income received after your death
The Video and Podcast below goes into more details regarding the topics we covered above and if you are looking for a Will be done or just have more questions regarding a will you can contact us by simply booking an appointment using the button below.
a PDF version of the article can be downloaded below.