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Q&A relation to Wills
 17 January 2017, 08:26
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Q: What does a will look like?

A will is a legal document.

In the past it is usually printed on thick ledger paper and attached on it are red seals and ribbons.

Nowadays it tends to look like any ordinary documents printed on A4 paper and could only be ascertained to be a will after reading the contents.

 

Q: What does a will do?

A will is a document made by a person (a testator) stating the methods on the division of his assets upon his death. With a will a person’s estate upon his death will be divided according to law. Normally for a married man when he passed on without executing a will prior to his death, his assets will be distributed in the following manner:

Half of his assets will be given to his widow and the remaining half will be distributed equally amongst his children. If for his example, has two surviving children, the 50% will be divided equally amongst his 2 children each will get 25% of his assets. With a will, a person can decide to bequeath his assets to anyone or any organization in the proportions he so desires. In other words, he could give his assets upon his death to people not related to him, e.g friends, employee, etc. He could also give to his church or some charitable organizations.

The good thing about a will is that you can provide for different scenarios. E.g the intended beneficiary mentioned in a will predecease the deceased provision can be made to give to a reserved beneficiary.

 

Q: What does a will costs?

A simple will for a person with simple family will costs $300. Should there be numerous scenarios to be catered for the will will be more complicated and the price would inevitably be increased. A detailed and complicated will could cost $4,000.

 

Q: What Does a will consist of?

A will consist of the following: –

  • The full particulars of the testator, the executors (the persons appointed by the testator to carry out his directions in the will), the beneficiaries (the persons who stated to benefit from the death of testator)
  • The manner of distribution
  • The will have to be executed (signed) by the testator before two witnesses who are adult and must not be a beneficiary of the will)
  • The will have to be executed when the testator is an adult with a sound mind.

 

Q: Where is the will kept once executed?

The Original will shall be kept by the executor preferably in a safe but not too secret place. Family members should be informed of its existence and location. The solicitors will keep a copy and the testator could take the extra step to register the will at the Will Registry. The next of kin upon the death of the family member can check whether the deceased has executed a will or not.


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