A Will is a legal document, signed in accordance with specific rules and witnessed with respect to specific rules, that ensures that your wishes are carried out with minimum delay and expense upon your death. Your Will should be reviewed every few years to ensure that it is not out of date with current rules and legislation.
There are various reasons why a Will is important including the following:
– to name an Executor/Executrix who is an individual that you trust in acting on your behalf to carry out your wishes under the will including distribution of your assets to named beneficiaries;
– to ensure that your property and Estate as well as your assets are distributed according to your specific wishes;
– if you have minor children, to name a guardian to be responsible for their care once you have passed away;
– if you die without a Will your Estate, upon your death, may be held up in Court or simply held up until either the Government or a specific person steps forward and is appointed as Estate Trustee to look after your Estate, by way of a Court Order. Dying without a Will may result in delays and considerable more expenses;
– your Will, if properly drafted, may reduce probate costs. Probate is the legal process that confirms a will and normally your legal Executor/Executrix will need to file for probate with the court house in terms of distributing certain assets (i.e.: bank accounts, property, etc.).