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Lasting power of attorney
- Making a will is caring for your loved ones. It makes dealing with your affairs quicker, easier and probably cheaper.
- Wills are not reserved for older people because as long as you have property, children and an extended family, you may give directions regarding how your property should be managed in your absence.
- Nobody fancies death, but it’s important to give instructions about what will happen to your property once you are gone. This can be expressed neatly through a will, which you could draft yourself or hire a professional to do it for you.
- Hiring professionals from Direct Wills Trust ensures your will is not only legally acceptable but also clear on tax laws affecting your property.
Rules to adhere to when writing a will
- A will can only be made by a person who has attained the minimum age of 18 years (unless mitigation and certain circumstances direct otherwise)
- Making a will is voluntary action and must not be effected under duress
- A will should be made in writing
- At the time of making the will, your mental capacity must be intact
- The will must be signed properly by the person making it in the presence of witnesses (at least two)
Four main functions of a will
- To specify executors. Once the will is written, there is someone (or people) expected to direct the whole process described in the will. Such a person is referred to as an executor. The executor is someone you trust and believe when delegated with the role of effecting the will will not deviate from the role.
- To allocate your estate. Your will must specify how your property will be shared amongst your loved ones. This prevents other people from interfering with the process since the will is legally acceptable and can be used in a court of law for reference, should any of your family members decide to act contrary to the instructions issued in the will.
- To provide for minors. Many times when someone dies before making a will minors are not recognized during the sharing of property. A will specifies steps to be taken to ensure your children are protected from harassment and that they receive their portion of what you left behind.
- Mitigate inheritance tax. A will also protects your loved ones from instances of inheritance tax violations.