The main purpose of a will is to ensure that your wishes are carried out in the manner you want after your death.
Making a will gives you some control over what happens to your estate, and can give peace of mind to your beneficiaries in knowing they are correctly carrying out your wishes.
If you die without a will, there is no way to prove what your wishes were. The law dictates how your estate will be divided. The rules are set out in the Wills, Estates and Succession Act.
There are several benefits to having a will. Few of these are:
- freedom to divide the estate as per your wishes
- provide specific beneficiaries with certain items
- provide for a partner who is not your spouse
- provide for stepchildren
- choose a party to administer your affairs
- choose legal guardians for minor children
- delay asset distribution until the beneficiaries reach an appropriate age
- allow for your estate to be administered more flexibly
Wills are required to contain the following provisions:
- instruction for funeral arrangements
- instruction for payment of debts
- appointment of will executor(s)
- bequests, whether general or specific or both
A will may contain the following provisions:
- appointment of legal guardian for minors
- creation of trusts for charity or minor children
- instructions for the executor to carry out
- other clauses as relevant to the situation
It is important to always hire a professional to understand the various nuances of law. Whether you are creating a will or changing one, contact the lawyers at Solimano Law today.