Last time, guidelines to writing the last will and testament for someone with a simple estate were provided. This article provides six additional pointers in preparing this important document.
Firstly, if your list of assets includes jointly held assets, foreign-owned assets or assets that are or may be under legal dispute of any sort, note that this points to seeking the advice of legal and financial experts.
Secondly, typically, considerations in your will may need to change from time to time; so it is useful to have your will word-processed, making it easier to change.
In order to be tidy, a handwritten will would have to be entirely rewritten in making significant changes. You may have gained or lost assets, names or addresses may have changed or you may have decided to change the executor, the guardian for your children or the beneficiaries.
It is noted that in the absence of a typed will, the courts may consider a handwritten will (also called a holographic will). However, from a legal perspective, it is proposed that you keep as close to what is more readily acceptable as possible. Â
In the annual review of your statement of affairs, a review of your will is in order. Let’s say you decide to remove or add a beneficiary. It does not make sense to leave a bequest to someone who does not need it and/or will not use it. Â
Then, too, as your initial beneficiaries get older, or more independent, you may reconsider the previous allocation of your assets.
Thirdly, in choosing an executor, preferably choose someone whose trust has been tested and demonstrated. This also applies to the person chosen as the alternate. Many testators choose their spouse. Note that the responsibilities of the executor include paying all your debts, taxes, funeral expenses, instalments due on any property, any other fees and for the compliant distribution of your assets with your last wishes, while avoiding creating any unnecessary complications.
Fourthly, in considering how to influence as prompt as possible the processing of your wishes, it is recommended that you choose one or more of the main beneficiaries of your will to serve as the executor(s). Experience has shown that prime beneficiaries of an estate tend to act promptly in having the related will probated, compared to wills that are not fully probated for many years after the death of the testator.
The fifth point is to encourage you to give fair consideration to the people in your life from a term perspective. Avoid leaving a friend or family member out of your will just because you have had a recent quarrel. Remember that feelings change over time and feelings are often more emotional than objective. Consider the long-term value of your bequest.
To what extent may that person be dependent on you for support and as an example of leadership in his life? To what extent will your legacy add value to his life?
Finally, you need to register your will. You can do so or make provisions for your executor to find and have it registered within a few days of your death should you demit this life suddenly or at an unexpected time.
It makes sense to let someone else know where you have placed the most recent document if you have not yet had the chance to have it registered.
• Louise Fairsave is a personal financial management advisor, providing practical counsel on money and estate matters. Her advice is general in nature; readers should seek personal counsel about their specific circumstances.
