A will records who should receive your property after your death. It can cover land and buildings, bank accounts, a vehicle and other assets. You can also appoint an executor to carry out its terms.
Why make a will? It lets you state your wishes clearly and reduces uncertainty for those close to you. Without a valid will, your estate is distributed under the rules of intestate succession. A clear will is especially useful if you own several properties, have children from different relationships or wish to leave particular assets to particular people.
When should you make one? Once you have assets or wishes about how they should pass on. There is no need to wait until retirement. Review your will if your family circumstances change, you have a child, buy or sell property, or change your wishes.
What does it protect, and what are its limits? It records your wishes and helps with the administration of your estate. It does not override rights reserved by law for certain family members. The share you may dispose of freely depends on your family circumstances and any applicable exception. Nor does a will make estate debts disappear.
What makes it valid? | Cap. 195, section 23 The Wills and Succession Law (Cap. 195), particularly section 23, sets out the formalities for executing a will. It must be in writing and signed in the presence of at least two witnesses present at the same time. The witnesses sign in the presence of the testator and of each other. If the will has more than one sheet, each sheet must be signed or initialled by the testator and the witnesses. Choose witnesses who do not benefit under the will.
Practical advice: List your assets, intended beneficiaries and family circumstances. Seek legal advice so that your will expresses your wishes clearly, complies with the law and protects the rights of those concerned.