Many persons avoid preparing a will because they feel this act is too final and may herald their death sooner than later.

Then there are others who erroneously believe that only the wealthy should make wills.

We all acquire assets in our lifetime, and the only thing we are certain of is that we are all going to die one day.

As responsible family persons and breadwinners, we have a responsibility to provide for our loved ones, both in our lifetime and after our death.

This requires estate planning, and the first step to be taken is to make a valid will, indicating how our assets should be distributed upon our death.

Wills

A will is a clear statement telling how you wish your assets to be divided when you die.

It must be in writing, handwritten or typed, and the signatures of the person making the will (The Testator) must appear at the end of the document.

The will must be signed by two witnesses, both present at the time of signing, and it must be dated.

Beneficiaries should not witness the will. If they do, they lose their bequest under the will.

Your executor may benefit under your will, provided he/she has not witnessed the will.

If you do not make a will, upon your death, (dying intestate) the Administrator General will step in and administer your estate regardless of your individual circumstances.

Administration is generally prolonged as the department is understaffed and lacks the facilities necessary to settle the estate quickly.

Executors

Choosing an Executor is a very important decision.

It is the Executor who will go through all your papers and prepare an inventory of all your assets and liabilities, settle all debts, pay income taxes, deal with legacies and handle problems of real estate transfers, etc.

It is necessary, therefore, to choose someone who is very honest and has had experience in handling such matters.

It is advisable to appoint two persons, preferably one younger than yourself. In most cases, however, only one executor acts.

Revocation of Wills

A will can be revoked or changed at any time.

This can be done by destroying it outright or simply making another one.

If a minor change is required, a codicil can be made to the will.

This is a supplementary part of a will involving an insertion or deletion and it must be witnessed just like a will.
Marriage automatically revokes a will.

Have you made your will? Remember, it is not a problem if you leave a Will and no assets, but it is a major problem if you leave assets and no Will.