Basic Requirements for the Will
The first step in making a will is to make sure that the testamentary has the necessary capacity, understanding the nature of its effects and claims, the extent of the property which is disposed, and is not affected by any disorder of the mind that can prevent the exercise of natural faculties.
After that, it is necessary to have two witnesses to the will. Both witnesses need to be at least 18, and neither can be member of the testamentary family or benefit from the will in any way.
The signature of the will, by the testamentary and witness, must be done using ink, usually at the end of the document. It is also mandatory to date the will, and it is not recommended to attach anything to it or damage it in any way.
Necessary and Common Clauses
When making a will, it is a standard procedure to insert a clause revoking any previous wills and codicils signed, so the latest is the only one valid.
Appointing executors to the will is mandatory, as the lack of the clause can cause delay in the administration of the estate, which is everything the testator owns beneficially at death and can dispose of by will. The testamentary may choose to appoint one or more executors, as well as substitutes for them.
The court issues a grant of representation (also known as a grant of probate) to evidence the authority of executors, which then can gather and administrate all the assets contained in the will, including even selling them to pay debts and expenses left by the testamentary.
The testamentary can amplify the powers given to executors by the use of some specific clauses, such as the power to transfer assets without the beneficiary’s consent.
The residue fund is what is left of the estate after the payment of debts and expenses, and shall be gifted to the beneficiaries stated in the will. It is always recommended to have at least two options of beneficiaries, to reduce the risk of the testator becoming intestate due to unforeseen events.
Carry Out the Will
The testamentary may also state funeral wishes, clauses relating to the payment for the packing and transporting of the Estate or a specific provision regarding an asset that is to be donated to a specific charity.
Letter of wishes are also commonly made by the testamentary because, although it has no binding effects, it usually contains specific provisions for the executors in how to carry out the will and other personal desires, such as consultations with beneficiaries, education of minors and others.