Preparing a will is an effective approach to planning an estate. A will provides for the manner of distribution of the estate according to the wishes of the testator avoiding a determination on distribution of the estate based on the rules of intestacy, which provide for distribution of the estate where there is no valid will.
A will can be used to distribute various forms of property including land, money, shares in a company, bonds or other securities, intellectual property and personal effects. In addition, the testator can make declarations on how they would like to divide future properties obtained after the date of the will.
Before writing a will, there are several things to consider, such as:
- A tabulation of assets and liabilities of the estate and their estimated value. An exhaustive inventory of the estate is a crucial preliminary consideration when choosing to make a will. If a property is omitted in the will, the property shall devolve according to the rules of intestacy.
- The persons you wish to appoint as executor(s) of your will. An executor is the person responsible for administering the estate and ensuring its division. In choosing an executor, it is important to select a reliable person who will be responsible for managing and distributing the estate to the beneficiaries.
- The mode of distribution of the specific properties to the beneficiaries. Prior to preparing the will, it is crucial to outline what each beneficiary will receive. The outline may contain an exhaustive list of the beneficiaries of the estate. The court may vary the terms of a valid will to provide for persons who are dependent on the estate but have not been adequately provided for in the will.
- Storage and safekeeping of the will. Choosing the right place for storage of the will depends on personal circumstances. A will should be stored in a place that is secure from theft or damage but not obscure. A will can be deposited with an advocate for safekeeping.
- Notification of the relevant persons of the existence of the will. It is important to ensure that the executor of the will and other relevant persons are aware of the existence of the will, its location and how they can access it.
Should you require any further information, please contact us at info@cfllegal.com .
