- June 15, 2021
One of the most important documents you may ever sign is your Will. This document conveys your final wishes to your loved ones after you have passed away. It speaks for you posthumously, and when done properly, ensures that your assets (property, bank account, investments, etc.) are allocated to those you left behind as you desired.
No one wants to think about death. However, without leaving clear directions for your loved ones, you risk creating challenges and confusion among them. No Will or an invalid one could result in your estate incurring legal fees and other expenses that could negatively impact your family. This is not to mention the potential strain on familial relationships caused by estate disputes.
Given the importance of this document, it is critical that you pay attention to the essentials of a valid Will to ensure there are no issues in executing it. Here are some of them.
You must be of legal age to make a Will.
In most countries, this is 18 years of age.
You must be of sound mind.
Since a Will is a legal document, you must be fully aware of the general nature of a Will. You must have a reasonable knowledge of your family, possessions and surroundings and be in overall good mental health.
You must have a clause which disposes of your property.
A valid Will must indicate the intent to make the document the final word on what happens to your property.
Your Will must be voluntarily signed by you.
In the case of an illness, accident or illiteracy that prevents you from signing your Will yourself, you can direct your lawyer or one of the witnesses to sign for you. You should get guidance from your lawyer for this.
Your Will must be written and witnessed.
Some countries allow informal oral and handwritten Wills in certain circumstances. To be safe, do not hand write your Will if you can avoid it. You want to ensure there are no discrepancies to invalidate your will. A valid Will must be also witnessed by at least two adults who understand what they are witnessing to and are competent to testify in court if necessary.
Your Will must be properly executed.
It must contain a statement at the end attesting that it is your Will, the date and place of signing and that you signed it before witnesses, who signed in your presence.
If your Will doesn’t meet these conditions, it may disallowed by a court and your estate would then be distributed according to the previous Will (if you had one) or under intestacy laws.
Given the uncertainty of death, you want to ensure that your Will is both valid and current at all times. Reach out to a Trust & Estate professional who can guide you in this process.