What is a Will?
• A legal document in which a person sets out the way they wish their assets to be distributed after their death.
• If a person dies without a Will, it is referred to as an Intestate. The distribution of the estate will be managed by the state.
In order for your Will to be valid, your Will must;
1. Be in writing – either typed or handwritten
2. Contain your ID number
3. Be signed in the presence of at least two competent witnesses and the testator
4. Be signed on every page by the testator and witnesses
5. Be dated clearly
6. People who benefit from your Will cannot sign as witnesses
• Your Will must be updated regularly
• Beneficiaries on policy documents have to be updated when/if required
• Your Will takes precedence over any other documents or arrangements when you die
What is an Executor?
This is the person you trust and therefore appoint to administer your estate according to your wishes. He/she must be specified in your Will and also have access to your Life File.
More blog articles on financial eduaction:
- The Will checklist. An easy to watch guide
- The importance of having a Life File
- What is in a Life File? An easy to watch guide
- Only two things in life are certain: death and taxes