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Wills are documents for the intention of a person (testator/testatrix) on how he/she wishes to distribute his/her assets to persons who will receive their assets (beneficiaries). It is an important document to be made to ensure that the right members of your family or any financial dependents will be looked after.
The potential recipients of your assets would be properly considered such as:
The appointment of executors or trustees to act under your will is a crucial process. Proper consideration should be given as to who will be acting as an executor or trustee under your will. The executor or trustee will be the person or persons responsible to ensure that your intentions are properly carried out.
There are formal requirements for witnesses to the will. Generally, a witness should not be a person who receives any benefit under the will. If a witness signs a will to witness the signature of the testator / testatrix or the co-witness, he/she will forfeit any entitlement o receive any benefits under the will.
A will document is a crucial document which can be used for the planning of your assets and how you wish your assets to be distributed.
A will can be cancelled or changed at any time.
In the event of a divorce, marriage or separation, the will may be made invalid or ineffective. It is important to consult a lawyer regarding this.
- Your partner or spouse
- Your children
- Your parents, relatives
- Any persons who are financially dependent on you.
- Charitable organisations
There are formal requirements when preparing a will and we strongly recommend that you obtain legal advice when drafting a will to ensure that your intentions are formally documented.
Contact us to see how we can assist you further in drafting your will to accurately capture your intentions as to how your assets are to be distributed.