Succession: Wills
In a previous discussion on family, we touched on what should happen when a parent/breadwinner dies or becomes incapacitated. We discussed providing and protecting your loved ones even when you are not around where we touched on succession, wills and administration of estates briefly. We take a deep dive into Wills as a method of providing for your loved ones.
Will: a legal declaration by a person of his wishes or intentions regarding the disposition of their property after their death.? A Will enables you to have control over your property even after you are deceased.
There are two types of Wills, Oral and Written.
The validity of an oral will is brought about by two or more witnesses and if it was made less than 3 months before the death of the testator. However,? a written will is highly recommended.
A will is encouraged because it provides financial security for your loved ones and appoints guardians for your children in the instance that neither parent is alive.
?Contents of a written Will
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1.The Testator details
A Testator is a person who makes the will and whose property is being divided. He or she must make an indisputable declaration that that is his last will and testament.
2. Gifts
Gifts refer to the property being distributed.? This section has to name a gift and the recipient of the gift. Any conditions regarding the gifts are stipulated in this part.
3.?Executor/Administrator
This is the person who takes charge of the distribution of assets. Although not a mandatory part of the will, an administrator is named in instances where the dependants are minor children.
4. Attestation
This refers to the competent witnesses. Both must see the testator sign and then sign the will in the presence of the testator.
5. Additional provision
This is only applicable where necessary and provides for the appointment of trustees, directions for payments of debts and taxes or giving directions for the disposition of the testator's body.