The Importance Of Wills
It is common belief that only the very wealthy make Wills so the welfare of people they care about and the properties of value to them are secured after they are gone. Since the average person normally thinks of some substantial estate and a number of businesses to be distributed, they imagine Wills are made by the rich. The average Joe and Jane vigorously strive to cope up just to pay for their bills, continuously worrying if they’ll leave enough for their loved ones! But such is the main principle behind it.
A Bird’s Eye View Of Wills
To be valid, a will must be in writing, signed by the testator at the end. Two witnesses are required. Beneficiaries or their spouses cannot qualify; otherwise, they lose their entitlements under that will. The witnesses must affix their signatures in the testator’s presence and each other. In updating Wills, a statement declaring that the updated will supersedes all previously existing versions must be included. An alternative may be annexes to the will called “codicils.”
Three other laws basically affect a will. The Property (Relationships) Act concerns surviving spouses, divorced and current legal spouse at the time of the testator’s death, and live-in partners for a specified period of time. The Family Protection Act ensures that every dependent has been provided for, including illegitimate and step-children. The Law Reform (Testamentary Promises) Act concerns people who have worked for extended periods of time for the testator to whom was promised some reward.
Some Issues Concerning Wills
A marriage or divorce automatically revokes a will, unless it was made in contemplation of these events. An executor is any named person whom the testator has entrusted the prompt execution of all provisions in the will.
Contesting a will is possible if any qualified dependents have not been provided for, or if the will is alleged to have been made under undue pressure or the testator may not have been in a sound mind.