Make a Will, Very Simple
The simplest way to plan and effect a succession is by making a Will. A will lets you decide what happens to your money, property and possessions after your death. A will is a legal document drafted with requirements of the laws ie Wills Ordinance. The formalities are generally strict and thus it becomes advisable to instruct a lawyer to prepare it and witness its signing.
Formalities to follow - legally valid will:
- age 18 or over
- make it voluntarily
- be of sound mind
- in writing
- sign it in the presence of 2 witnesses who are both over 18
- have it signed by your 2 witnesses, in your presence
- note: beneficiaries should not be a witness
If you make any changes to your will you must follow the same signing and witnessing process. If you change your mind after signing the will, you need to make an official alteration (called a ‘codicil’) or make a new will.
You should make a new will if you make important changes to the will. Your new will should say it revokes all previous wills and codicils. The old will can be revoked by burning it or tearing it up ie revoked by destruction.
What is in a Will ?
A will should set out:
- executor: he will apply for probate and execute the terms in the will after your death
- beneficiaries: people taking benefits from you and what they take
- guardian: person looking after any children under 18
- predeceasing: what happens to the beneficiary's share of benefits in the will if the beneficiary dies before you (predeceased)
You should tell your executor where your will is.
Our fee: $1,000 up
Simple will starts with $1,000. Fee would be higher if it become more complex as it will consume the drafting lawyer more time.