Will

What is a Will ?

  • A last will and testament is a legal document that communicates a person’s final wishes pertaining to their assets.

  • It provides specific instructions about what to do with their possessions.

  • It will indicate whether the deceased leaves them to another person, a group, or wishes to donate them to charity.

Importance of a Will?

  • To avoid fights amongst the remaining beneficiaries.

  • To ensure that your wishes are clear and communicated to the beneficiaries and the Administrators of your estate in your absence.

  • To protect the deceased assets against any malice and/or greed.

  • It also shows how organized you are and that you can plan your life whilst alive.

Will Necessity?

  • It is extremely necessary to have a will to avoid injustice to your assets.

  • You are able to communicate all your wishes to all those remaining behind

  • For example; if there is no will your estate can be distributed anyhow and end up in unintended hands/beneficiaries.

Who can draft a Will?

Yourself

An Attorney

Some Banks

What are the formalities of a Will?

  • Deceased must be older than 16 years of age at the time of signature.

  • Deceased must be of sound mind.

  • Will must be signed by the deceased in the presence of two witnesses who are not beneficiaries

  • Must have the beneficiaries and may also designate the Executor and Administrator of the Estate.

Four Types of Wills

TESTAMENTARY TRUST WILL

This is a will that deals with a future event. E.g That when I die, a trust must be formed for my minor children until they reach a certain age.

Joint Will

This is a will drafted by couples in most instances. Here the parties deal with their assets jointly.

Living Will

This normally doen’t not deal with disposing assets but how assets should be managed whilst you are still alive but unable to manage them yourself. E.g Loosing your mind, in a comma, out of the country etc.

Simple Will

This is the simple will that can be drafted by anyone. Templates are even available on internet. Whereby one expresses his/her wishes with beneficiaries.