The Last Will And Testament
Hello and welcome back, today I would like to talk about the importance of having the last will and testament. It is national wills week (13 to 17 September 2021) and it is only fair that I write about wills this week. This blog is all about financial wellness, and having a will is one of the financial tools to help you become a financially well being.
What Is The Last Will And Testament?
The last will and testament is a guiding legal document that stipulates how you want your assets to be distributed after your death. It is an essential part of the estate planning.
Most of the time people think that people who do wills are those who are classified as wealthy. The truth is any adult can do one. If you have kids, property, cash and any other assets you can do a will, in fact you are supposed to have a will. Having a will will minimize family disputes after your passing.
Why is It Important To Have A Will?
It gives you a peace of mind of knowing that your assets will be distributed as per your wishes. In a case you have minors, your children will be taken care by the guardian of your choice. Your voice about who should get what and how will be valid even in the absence of your physical being.
Who Can Assist You In Drafting A Will?
You can draft your own will, but there are people and companies who can draft one for you. Most lawyers, chattered accountants, banks and insurance companies provide the service at a professional capacity.
Currently most retail banks that are running a promotional offer for the month of September to draft a free will. This means that you can make an appointment with them and arrange for your appointment to draft it at no extra cost. One of the main requirements is that the institution is nominated to be an executor. The main duty of an executor is to carry out the instructions as stipulated. Please note that the conclusion of a will is done after an interview with the banks consultant in most of these banks.
Where To Keep Your Will?
Your will should be kept in a safe place. It should be kept as an original signed document because a copy will not be deemed as a legal document. Banks and attorneys usually offer the storage services to for your will. You can have more than one signed original documents that you will keep in different places.
How To Know If The Will Is Valid ?
A valid will must be in writing and must have been signed in the presence of at least two witnesses. If you are unable to sign for whatever reasons, someone else can sign for you but the Commissioner of Oaths must certify that document.
Side Note: Most people are not comfortable to do their wills because they worry that they are confessing their death. The honest truth is that weather we choose to speak or ignore speaking about death it is mostly guaranteed. We surely do not want to come sooner but it will come. We have seen families fighting over estates after a persons death because there was no last will in place. Do not make that mistake. Go and draft that will.
Thank you for taking time to read my post. If you would like me help you clear the fears of drafting a will you can contact me at 074 931 1000 ad book a coaching session.