Friday, 6 June 2014

SOME POINTS TO CONSIDER WHEN MAKING A WILL

It is only natural for us to feel reluctant to make a will as it brings to the front of our minds our own mortality. However, this is like putting off going to the doctor for a check up. It is really important to overcome the fear, particularly if you have people who are dependent on you.

A will may be made by persons over the age of eighteen who have testamentary capacity. Testamentary capacity is primarily a legal test but it can be helpful to have a written medical opinion; particularly where a person making the will is elderly or seriously ill. Even if a person suffers from a serious psychiatric disorder, a valid will may be made during a lucid interval.

When making a will a person needs to have a good knowledge of the extent of his or her assets. Also a person making a will must bring to his or her mind all the people you would expect him/her to bring to his or her mind and then decide who to benefit.

From a practical point of view a person needs to decide who he or she wishes to appoint as executor of the will and whether trustees will be required. If the testator has children under the age of eighteen he/she will also have to consider who to appoint as guardians.

Drafting and executing  a will is a very technical exercise. A testator is best served by instructing a suitably qualified solicitor to draft his/her will and leave the technicalities to that expert.


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