September 2, 2018
Characteristics Of A Will & Why You Should Have One
There are some important features every will should have.Legal Declaration: The documents purporting to be a Will must be in legal form i.e. in conformity with the law and must be executed by a person legally competent to make it.Disposition of Property: The declaration should relate to disposition of property of the person making the Will.Death of the Testator: The declaration as regards the disposal of the property must be intended to take effect after the Testator’s death.Revocability: The essence of every Will is that it is revocable during the life time of the Testator.Execution: An unsigned Will is a worthless paper and its contents are not enforceable. Consequently, it is important for a Will to be duly signed by the Testator in the presence of at least 2 witnesses; and by the witnesses in the presence of the Testator.
Advantages Of Having A WillDistribution of your assets will not be left to the State or greedy relativesA Will is traditionally cheaper to prepare than other Estate Planning InstrumentsYou can choose your funeral arrangementsYou can appoint ‘Guardians’ to look after your childrenA surviving unmarried partner will have no automatic claim to any part of your estateBusiness partners may be left exposed, putting the business at riskDisputes may arise among members of your family as to how your estate is to be distributed and part of that estate may be used up in legal costs in resolving that disputeIt enables you appoint executors who will act in accordance with your wishesAfter the death of an executor, there would be no need for fresh grant of Letters of AdministrationYou can give particular gifts or sums of money to specific individualsYou can benefit charitiesYou can create trusts in your Will for your children, give instructions as to who will look after them and provide a framework for looking after their financial needs until they are sufficiently mature to do so themselves;You can make provision for the continuation and hand over of your business and you can give due consideration to claims on your estate from first and second families
Below are some of the obvious advantages of having a Will over dying intestate (i.e. dying without a Will).