Preparing to Draft a Will
The ins and outs of arranging your last testament
Making a Will can be one of the most emotionally charged decisions that a person can make. It is for this reason that many persons tend to procrastinate or avoid taking any steps whatsoever when it comes to planning their estates. In this article, I lay out a step-by-step guide that would help bring some structure to what would otherwise be an intimidating and confusing process.
Decide to make a Will
The first thing you would need to do is decide to make a Will and decide that you are going to follow the process through to the end. This is important because if your commitment isn’t strong enough you may back out when you read the work that is required for the other steps.
List your assets
Next, get a sheet of paper and list your assets. You can even use a notes app on your phone, whichever you feel more comfortable with. Your assets include:
(1) Property in your possession- both real (land) and personal
(2) Investments-Shares, unit trusts, credit union accounts, bonds, rental properties.
(3) Savings-Bank Accounts and Cash in hand.
List your liabilities
Make a list of the people and institutions that you are indebted to. This is important because, in the event of your passing, your liabilities would have to be paid first before your assets are distributed to your beneficiaries.
Decide who will be your Executor
Your Executor should be someone you trust and someone who is likely to outlive you. It should also be someone who you believe would carry out your final wishes honestly and to the best of their ability. This person would be responsible for applying for the grant of probate for your estate and for distributing the assets in accordance with your Will.
Determine who will be your beneficiaries
You need to think long and hard about who you are going to give what. If you are married you are required by law to make reasonable provision in your Will for your spouse. If you have minor children or any other person who is dependent on you, you are required to provide for them in your Will. It is not recommended that you exclude close family members especially if they have assisted you during your lifetime. Such persons are likely to challenge the authenticity of your Will in court if they are not included.
Gather your relevant documents
After you have done all of your groundwork, you are now required to compile all of your relevant documents. This would include, title deeds, account numbers, type of accounts, name of financial institutions, insurance policy numbers, brokerage accounts. Added to this, you should also have the correct spelling of the names of all parties including your Executor and beneficiaries together with their addresses.
Book an appointment with your Attorney-at-Law
While in theory, a person can do a Will on their own, it is always advisable to get proper legal advice since there are certain statutory formalities that need to be complied with if your Will is to be valid. Your Attorney will take instructions from you and prepare your Will in accordance with those instructions. It would then be signed by you at a later date in the presence of two witnesses.
Disclaimer: This article is written for informational purposes only and should not be construed as legal advice or as giving rise to an attorney-client relationship.
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Follow me on Medium Colin Denoon and on Twitter @ColinDenoon. Send questions, suggestions, and comments to colin.denoon@gmail.com.