Will + Testament
What is the Purpose of having a Will + Testament ??
The Reasons for a Will + Testament:
Firstly Who are your beneficiaries going to be?
Also Do you want a State appointed Executor of your Estate?
And Who will be the Guardian of your minor children?
Therefore What happens if you do not Draw up a Will + Testament.
1) First of all The correct people might not inherit.
2) As well an executor must be appointed by the State and it takes time and extra money.
3) Further time is wasted for the Executor appointed has no details of beneficiaries and debts therefore more costs investigating.
4) As well a common law partner might not inherit.
5) Therefore the Law will distribute to the nearest blood relatives.
6) Also You want your children to inherit everything or your Spouse but this might not happen if it is Intestate.
7) As well It Could cause a feud between the children.
8) Further Assets will be sold which might not be the correct decision and might achieve a lesser price.
9) As well Children’s monies will go to a State Guardians Fund and paid to the Child when they are 18 which might not be an applicable age in your mind.
10) And a different Guardian could be appointed for your children.
11) Therefore The above will be an emotional time so prepare well.
Is your Will + Estate Liquid ?
In other words in principle is there enough Cash to settle Debts, Funeral Costs and the Executor Fee.
As well there must be Cash to do the Transfer of a Property to the Beneficiaries name.
So there must be Cash or a Life Policy without Beneficiaries on the Policy, that will provide for this.
As well The Pension is not part of the Estate and is therefore not available.
Also Assets including Property will be sold to settle the debt if not enough Provision is made.
What makes a Will Invalid then?
1) First of all the person who draws up the Will signs the Will or is a beneficiary of the Will.
2) As well A Witness may not inherit, and further they must sign in front of the Testator.
3) Further The Will must declare all other wills null and void.
4) Also a Will must be signed by Testator. If not they must be able to make a mark or fingerprint in front of a Commissioner.
5) Further every Will must be signed on the Last Page.
6) And witnesses must be over the age of 14.
7) As well a witness may not be an Executor.
If you need a Will + Testament then fill in the below form.