From 16-20 September 2024, it is National Wills Week.
1. What is a Will?
A Will is one of the most important documents you will ever sign. It expresses your wishes regarding your assets at your death. If you die without a valid Will, your assets may not be left to the person of your choice. It can also delay the process of your estate, as it can take a long time to have an executor appointed. There can also be unnecessary extra costs. A Will provides peace of mind that your loved ones will be taken care of.
2. When must I draft a Will?
If you own assets and you are above the age of 16, provided that you are mentally capable of understanding the consequences of your actions at the time, you must have a Will. A big misconception is that if you are single or don’t own a lot of money, you do not need a Will, but the truth is if you earn a salary, own a vehicle, own a few personal belongings, etc., you need a Will.
3. Can I write my own Will?
It is not advisable. The best will be to have someone with the necessary knowledge assist you. One must avoid ambiguous or vague language, and there must be no room for contestation or misinterpretation.
4. How often must I have my Will updated?
It is advised that your Will be reviewed annually. At Autus, we will review your Will at your annual review appointment. Please inform us immediately if the following events, among others, happen:
· You have a new child.
· You have gotten divorced.
· Your named beneficiaries or executors die.
· Your minor beneficiary turns into a major.
· You obtain assets in another country or move to another country.