Wills
In writing
A Will is a written document, signed by you, the testator, and witnessed by two independent people who are not proposed as beneficiaries of the Will. The Will specifies how you want your estate to be dealt with upon your death. It directs the executor how your assets will be given away after your death. It allows you to give away some or all of what you own, including your real estate, cars, business holdings, money and personal property. Your property may be given to anyone you choose after your estate debts are paid (ie funeral). You may also name who you want to act as guardian for a minor.
The executor
The Will must specify at least one executor, the person(s) nominated by you, the testator, to carry out the instructions as set down in your will. The executor is responsible to ensure that your estate is finalized in accordance with your wishes. It is important, when deciding upon an executor, to ensure that they possess the necessary administrative skills, are prepared to take on the job and are likely to live longer than yourself. An executor can be a beneficiary in your Will.
Freedom of testation
You must be at least 18 years or older and of sound mind to make a will. You must also have "testamentary capacity" which means that you must know the property you own, the effect of your will, who the members of your immediate family are and that your will represents your wishes. You must be making the will because you want to and not because someone else is forcing you to.
Other requirements
The will can be in writing or typed; it must be dated and signed. (If you are unable to sign the will, you may direct that another person sign for you, but he or she must sign the will at your request and in your presence.) Your Will should be secured in a safe place and a responsible person, such as your executor, a family member or your next of kin should be made aware of its location. Your solicitor’s safe is the best place to store your will. To die without a valid Will is known as intestacy and, if this occurs, your estate will be distributed according to the intestacy rules, which may not be as you would have desired and, may be more costly and time consuming than if a valid Will had been made. Your existing Will may be revoked by destroying all copies of it and / or drawing up a new one.
Making changes
There may be occasion when your Will needs to be changed such as marriage or divorce, the birth and death of family members and the acquisition or disposal of assets. Any changes to your will must be signed, dated and done in the presence of two independent witnesses (as before) or the changes will be invalid.