Wills:

A Will is a legal document that spells out a person’s final wishes and is enforceable by the court of law to ensure their fulfilment. In order to make sure that your wishes are accomplished, a Will, often referred to as a “testamentary will” that is in writing, signed by you and your witnesses, needs to be created. Creating a Will gives you the sole decision over the final distribution of your assets. That discretion extends to your business or investments where your Will can direct the smooth transfer of your assets.

Should you leave behind minor children, a Will lets you provide for their care and appoint a suitable guardian to look after them. A Will can also provide for children born from prior marriage.

Creating a Will minimizes tensions among survivors and relatives. If you wish to donate to a charity of your choice, a Will shall ensure that some assets are distributed to an institution or organization so chosen. Wills generally cover the bulk of your assets but some assets are not addressed by a Will and these are;- retirement assets, investment accounts that are designated as transfer on death, including assets ceded to third parties as security.

If you don’t have a Will and you pass on, you die “intestate” wherein the state decides the final distribution of your assets. This formula often results in 50% of your assets going to your children and if they are minors, the court will appoint a representative to look after their interests. The balance will remain with the surviving spouse. The fifty-fifty solution may call for the sale of some important assets such as a family home, resulting in destabilizing the coherence of the family.

Trusts:

A trust is a document that spells out the rules that you, the donor, want to be followed to manage property held in trust for your beneficiaries. A trust is a legal entity that can transact with third parties on its own and it allows for trustees to manage it. Familiar objectives of a trust are:- because of its immunity from estate duty a trust may be used to reduce the estate liabilities; to protect property in the estate from improper claims.

Please note that where a Loan Account exists in a trust, the value of the loan will be added to the estate of the donor at death.

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