Our next stop on the road to Wills Week is to demystify some of the legal jargon around setting up a will.
To keep the process lekker visual we're going to create a sample will as we go through each step. Without any further ado, let's go!
*Remember, during Wills Week (11 - 15 September) we will (heh) draw up an airtight will for you for free, no strings attached. Get in touch with us below to find out more.
1) The declaration
John Green is the testator declaring his last will and testament. The three key terms here are
Testator: The person declaring their will
Estate: The "basket" containing everything they own
Winding up: This is an all-encompassing term for the process of sorting out and distributing everything contained in the estate.
Codicils: Effectively a little addition with a lot of krag — this is an addendum or supplement that explains, modifies, or revokes a will or part of one.
You'll notice that every page is initialled. This is a requirement for the valid execution of a will. You can read more about these requirements in our upcoming blog posts.
2) Bequests and inheritance
There is a critical difference between your bequests and inheritance:
Bequests are specific items (be it a car, a sum of money, a pair of snakeskin shoes or a mysterious locked chest with a cryptic note) that are directed to go to a specific person.
Your inheritance is everything that is left over in your estate after the bequeathed items have been processed, which will be split up between all of the beneficiaries.
The beneficiaries of the will are any people who receive benefits, whether they receive bequeathed items or part of the inheritance.
3) The executor and signatures
The executor is the person responsible for ensuring that the directives in the will are fulfilled, including the sale of property, transfer of funds, maintenance of assets and more.
The witnesses are the people who saw the testator signing ("executing") the will, and sign the will themselves to confirm that they saw them executing the will.
This is where the legal terminology becomes really important: the beneficiaries — this includes Richard, the executor — are not allowed to be witnesses.
Your will might look more complicated than this one if you have many items specified for certain people or many parties to receive your inheritance, but if you have these basics in place, you are good to go.
If you'd like to update your will or put one in place for the first time, click the button below to book a free consultation with us. We'd love to work with you.
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