YOUR WILL – PITFALLS TO AVOID
Not having a properly drafted and executed will could have undesirable consequences on the loved ones you leave behind.
A few important points to bear in mind when drafting a will:
1. Stick to the Law
This is the biggest pitfall many people encounter with template or self-drawn wills.
If the formalities are not complied with your will may be regarded as invalid and your intentions for the distribution of your property may not be as you wanted.
It is important to know that:
• Any person aged 16 or over can make a will;
• You must be mentally capable;
• You need to sign at the end of the will;
• Two competent witnesses need to be present when you sign.
2. Update Annually
It is important to update your will annually especially where you have recently been divorced, married or had a child.
One of the first provisions in your will should be revocation of all previous wills. Failure to do this could mean that all wills executed by you can be read together.
4. The Executor
The executor takes control of your affairs once you die and it is important that he/she is someone you trust and that will be capable of handling the task of administrating your estate in accordance with your will.
A will is one of the most important documents you will sign in your lifetime and ensuring it is done correctly is a small price to pay to ensure that your family and loved ones are well looked after.