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Wills Estates : You and Your Will
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Some helpful definitions Will: A legal document by which you dispose of your assets to those people whom you wish to benefit when you die. Testator: The person making the will, who must be at least 16 years old and of sound mind. Beneficiaries: The people who receive the assets under your will. Executor: A person named in a will to look after your assets, pay your debts and distribute the assets to the beneficiaries named in the will after you die. Estate: The estate comprises all your assets and all your liabilities. Assets: The things you own, such as your home, land, car, bank accounts, insurance policies, shares, personal goods, jewellery, pictures, furniture, etc. Codicil: A document used to make minor changes to a will. Intestate: To die without leaving a valid will. Master of the Supreme Court: He appoints the executor, registers all wills and keeps a file for every person, whose estate is reported. He ensures that the interests of minors and creditors are protected. In the first instance, he decides whether or not a will is valid and he exercises control over executors. Do I have to make a will? There is no legal obligation to make a will, it is purely a matter of choice. The important thing to remember is that a will gives you a voice in the distribution of your assets and allows you to nominate who receives those assets. When you make a will, you create a legal document that becomes binding after your death. It obliges specified people to perform certain tasks in distributing your estate and ensures that you wishes are carried out. In addition, when you make a will, you may choose your personal representative. (executor). An executor manages your estate during its administration. Another important aspect of having a will is the naming of guardians. This includes naming a guardian to care for your children and a guardian (subject to court approval) to manage money or other property which your children inherit. Both functions can be served by one person, if you wish. The most precious things in your life are the persons you love and the things, of whatever kind, you have collected during your lifetime. When death comes, you cannot take them with you. All you can do is to leave them in the most advantageous way to those whom you love. What happens if I die without leaving a valid will (i.e. Intestate)? Your assets are distributed according to a rigid statutory formula. Your estate might not be divided according to your wishes. Your children, or other minors in your care, might not receive the protection you would have desired. The estate may be administered by someone you would not have wanted to appoint. The intestate law is the same for everybody. It does not and cannot take into consideration the special needs of any individual or family. As a result, your property may be inherited by people you did not want to share in your estate. Only you can provide for the disposition of your property by leaving a valid will at your death. What is a valid will? To have a legal standing a will must be "valid" meaning it must be signed precisely in accordance with a number of legal requirements. If even one of these conditions is not met, the will could be nul and void. The result could be: either distribution of assets via a statutory formula; or costly and long legal battles. The wisest way to ensure your assets and your beneficiaries are protected by your will is to seek the skilled and experienced help of someone qualified in this field. Every will is a unique document, requiring careful analysis of needs and expectations. To be valid, a will must:
What happens if I am married in community of property? When a husband and his wife are married in community of property, the survivor does not "inherit". The survivor's half share belongs to the survivor by virtue of the marriage in community of property: it is only half of the joint estate which is inherited. Can I alter my will? A will only takes effect at time of death. Consequently you are free to alter your will at any time. If circumstances change, you can and should make alterations. This can be done either by a codicil or a new will which, if properly drawn up, will ensure the cancellation of any prior will made by you. If you want to change your will, write a supplementary instruction (Codicil) or - if the alteration isn't simple, make a new will. Remember that a codicil must be signed and witnessed in the same way as a will. Don't try to alter your will yourself by crossing anything out as this may invalidate it. If you do make a new will, remember to revoke the previous one and destroy it by burning or rearing it up. Ask a professional to help you. Should I revise my will? A periodic review of your will makes good sense, especially when changes in circumstances suggest reasons for revision. Such circumstances include the following:
When should I make a will? You should make your will now. If you wait for a catastrophe or illness, it may be too late. Remember, you can easily make changes once you have a will. What should I put into my will? Before you make your will you should:
Where should I keep my will? Most people lodge wills with their nominated executor or in a safe-deposit box. The important things are that it should be in a safe place and its locality known to your family. Lodged with your will should be details of:
What should be done when a person dies leaving a will? The will should be checked as soon as possible, as it may include special provisions, or the wish of the deceased to leave parts of the body to named teaching hospitals or universities. Once the contents of the will are known, the person named as executor should be informed. How do I go about drawing up a will? Leaving a will that is incorrect, especially if it hasn't been signed and witnessed properly, may be even worse than not leaving one at all - or may invalidate the will completely. That's why it's best to have your will drawn up by someone who's qualified to do so. Consult an attorney, banker or trust company, who will be able to make sure your wishes are clearly and legally stated. The role of the Executor He or she must:
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