WILLS

What is a Will

A will is an official document where the maker of the will stipulates:

• Who he/she wants to appoint as being responsible for distributing the estate;
• What assets makes up his/her estate; and
• Who are the beneficiaries of his estate.

A person makes a Will to provide for the administration and distribution of what he owns i.e. his estate, among his beneficiaries after his death.

Key Terms:
Testator - This person makes the willl
Beneficiaries - Those who inherit or benefit under the Will.
Executor - The person nominated by the testator to administer and distribute his estate upon his death. Usually, the same person is appointed as executor and trustee (a person who has the power to hold the estate of the deceased on the death of the deceased).

If there are beneficiaries who are minors (persons under the age of 21 years) named in your Will, at least two Executors/Trustees should be appointed or named to administer or hold any assets or invest or use any money for the benefit of the minors. This acts as a form of protection for the minority interests.

Why You Should Use a Lawyer

You may prepare a will without a lawyer. As long as you are 21 years old and of sound mind, you may make your own Will and change it at any time during your life without consulting a lawyer. Further, a soldier in active military service, or a mariner or a seaman at sea, may make a Will even though they are under 21 years of age at that time.

However, the risk is that your self-made Will may be ineffective or invalid. This may then lead to your beneficiaries having to suffer further unnecessary expense at a later stage. A lawyer would also be able to aptly advise you as to your options in structuring the Will, and as to what property would make up your estate. Finally, a lawyer would also be able to assist you in coming to a decision on your distribution, and as to whether you would like to create a trust in the event you have young children.

It is therefore in your interest to consult a lawyer who can advise you and draft your Will for you according to law.