Over the years, we have constantly received questions or queries from different clients about writing their will and we would like to share with you some of the questions we have received over the years
When is the right time for me to have a will? We get this question every now and then and it has been the most asked question over the years. Truth is, there would be never a right and wrong time to have a will. There is no minimum age before you can write your will. If you possess assets whether in terms of property (house, condominiums and etc - immovable property) or monies (saving, current accounts and etc - movable property), you should better have a will. However, it is important to take NOTE that a will done before marriage will automatically be revoked whenever an individual, man or woman marries or remarries.
Should I re-write my will again as my will was done many years ago? While it is not a requirement in law to update your will as there is no "expiry" to how long a will can last, it is a good practice to always go back to your will and update your will every 5 to 7 years as law changes and evolves over time. Having an updated will also allow the executor to execute their duties more easily as he/she/they would be able to deal with your particular asset and not miss out on any assets.
How do I ensure my executor handles my assets as per my will? We can't stress this enough but you MUST only appoint he/she/they as your executor only if you KNOW and TRUST him/she/them. You may also inform your loved ones or beneficiary after drawing your will that you have appointed he/she/they as your executor. However in times when you would want to keep your will totally unknown to anyone, it is best to have a least two executors named in your will. This will trigger a check and balance amongst themselves.
What happen if my executor passed on before me? It is recommended to always consider who would be your second executor when drafting your will so that you do not need to re-write your will in such circumstances.
Do I need to inform my executor that he/she/they have been named executor in my will?While it is not mandatory but, it is a good practice to inform your executor as he/she/they would know what to expect and what to do after you have passed on. It is important to take note that while your executor deals with your assets but, at the same time your executor would have to deal with your liabilities as well. There have been scenarios whereby named executors refuse to be the executor and execute the deceased's will and this will cause delay for the beneficiary to obtain the grant of probate.
NOTE: This does not constitute legal advice for any specific case. The facts & circumstances of every case will differ and will require specific advice.
In the meantime, if you would like to know what information is needed to draft a will or you would like to draft your will with us then, do click the link below.
You may also drop us your queries in the comment section and we will try to answer as many as we can. For now, see next time for our Part 2!