A will under the law of succession is defined as a legal declaration by a person of how their assets and affairs should be handled or distributed after their death. It is a crucial tool for estate planning, ensuring the testator’s wishes are respected and carried out after they are gone. A will comes into effect after the demise of the person writing the will, often known as the testator.
Who writes the will as per the law?
The law, or the Succession Act, guides who writes the will. A person writing the will is:
- Expected to have attained the age of 18 or older
- One has to be mentally sound
- They ought to have written the will out of personal intention, which means they should be free from coercion or pressure at the time of writing.
- The testator must also understand and recollect everything they own before making the will.
Types of Wills
A Simple Will
This simple, straightforward document specifies how assets should be distributed upon death. Individuals with uncomplicated estates mostly use this and it allows for naming guardians for minors. Simple wills are relatively easy to create but may not cover complex estates.
A Testamentary Trust Will
This document establishes a trust for a minor who will benefit after the testator’s death.
What are Some Things to Consider When Making a Will?
Making a will requires you to think beyond your death and how you wish to have your affairs handled when you are gone.
Some considerations include who to appoint as the executor of your will when you are gone. An executor is the person who will be responsible for ensuring your wishes are carried out as per the will.
You must also decide who you wish to receive assets and property from.
Legal Requirements for a Will to be Valid:
A will is legally valid if the following criteria are met:
- At least two or more witnesses will be signing the will in accompaniment with the testator.
- The witnesses ought not to be beneficiaries of the will. This is to avoid conflicts.
- If one of the witnesses is a beneficiary, there should be two more witnesses. This is important to avoid a will being challenged or suspicion of undue influence when making the will.
- A will can be altered or revoked by the testator at any time during their life, as long as they have testamentary capacity. This can be done by making a new will, destroying the old one, or making a codicil (an amendment to the will).
Why You Need Legal Expertise While Writing a Will:
A lawyer will provide you with legal knowledge and guidance throughout the process of writing a will to ensure you comply with the legal requirements of a valid will.
A lawyer also helps you analyze the will and prevent possible disputes among the beneficiaries.
Furthermore, a lawyer can help you with tax planning by advising you on available exemptions and deductions to minimize the amount of estate duty payable and the tax implications of your will.
In disputes, a lawyer can represent your case, which is valuable as they ensure your will and wishes are honored when you are gone.
Benefits of Writing a Will:
- It guarantees that your loved ones are well taken care of by clearly outlining how and to who your assets should be distributed without potential conflicts among the beneficiaries.
- It ensures that the properties or possessions you worked for are handled legally per your wish.
- It also helps avoid intestacy laws, which determine asset distribution regardless of how unfair it may be to your relatives and primarily are based on predetermined rules.
- It also helps minimize potential disagreements regarding the distribution of property or possessions.
- It also helps minimize estate duty, which is an added advantage to your chosen beneficiaries as the amount that could have been used for tax expenses is given to them.
- It also gives you peace of mind as it guarantees that your wishes will be honored by both yourself and your loved ones.
Final Words
Creating a will is often considered a responsible action because it ensures that one’s property is distributed according to one’s wishes, avoids or minimizes conflicts among survivors, and can provide for dependents or causes important to the deceased. It’s advisable to consult with a legal professional to ensure that a will meets all legal requirements and effectively represents one’s wishes.
