A will or testament is a legal document by which a person, the testator, expresses their wishes as to how their property is to be distributed at death, and names one or more persons, to be the executor and manage the estate until its final distribution.
A will is a binding document and this means that when executed or made properly the wishes contained therein need to be adhered to. It must be written, signed and witnessed:
- Anyone above the age of 16 years who is considered mentally stable can make a will;
- A person above the age of 14 can witness a will;
- Beneficiaries and executors cannot be witnesses to the will;
It must be reviewed periodically depending on one’s personal circumstances such as:
- Marriage;Divorce;
- Death of a beneficiary/child;
- Change in financial circumstances.
Benefits of a Will
- You decide how your assets will be distributed (beneficiaries and heirs)
- You decide who will take care of your minor children (guardian)
- You can reduce taxes – depending on who inherits
- You avoid the lengthy legal process
- You decide who winds up your estate (Executor)
- You can disinherit individuals who would otherwise inherit
- Provide for life and circumstances changes
- There will be no uncertainty about your last wishes (freedom of testation)
- You will be making an already difficult process less difficult for your family (peace of mind)
- Make tomorrow certain by wealth preservation (setting up a trust and nominate a Trustee)
- You even get to decide whether how you wish your bodily remains should be dealt with ; buried or cremated
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