One of the best ways of caring for your loved ones is by preparing them for the inevitable eventualities in life, death. The succession of property can be a problem especially in cases where the beneficiaries cannot agree on a way of administrating over your property. However, in your absence, you can save them the trouble of deciding on who takes over what, through a will. It gives you the power to distribute and assert authority over all your property in your absence or incapacity. This includes your money, financial interests in companies such as shares, and tangible property like land, cars, and houses. When writing a will, here are a few important things you should include:
The administrator of the property
The administrator of your property is a person that the law will recognise as having the absolute power and control of the property. Often, the spouse is usually the administrator in case of death or incapacitation. However, if the spouse is not there, or if you have a credible reason not to appoint the spouse, the law allows you to have another administrator.
Note that you can have a joint administration over your property where two or more people take charge of the property. This often reduces the chances of an appointed administrator misusing the property for their selfish gain. For instance, you can appoint your wife and eldest daughter or son as joint administrators.
Beneficiaries are the people you want to benefit or live off your property in your absence. In most cases, they are your dependants. They include children, old parents, and other relatives. However, you are free to include friends or other people who may have been of great significance in your life. Moreover, charity organisations are also eligible to be enlisted as beneficiaries. You should clarify the nature or amount of property that each beneficiary is entitled to.
Trustees hold the property on behalf of the beneficiaries or proposed administrators until they a certain condition is fulfilled. For instance, you may require that the beneficiary should get married before being granted ownership of the property. They are particularly important when the person you want to take charge of the property or benefit from it so too young to do so. When you appoint a trustee, the law allows them to use or manipulate the property as long as it is in the best interest of the beneficiary. For instance, they can use your money to pay school fees or medical bills for the beneficiary.
You should include an attestation clause at the end of your will. It states that you have complied with the requirements regarding your property and that no one coerced you into drafting the will.
For more information, contact a local family lawyer.
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