FAQs

Frequently Asked Questions

(responses further below) 

* Is a Lawyer required to complete a Last Will?

* What happens if a person dies without a Last Will?

* Must a person have significant (or a minimum amount of) Assets to make a Will?

* How many Witnesses do I need to sign/Witness my Last Will?

* What is the difference between a Last Will and a Living Will?

* What happens if a Witness has died or is unable to serve as a Witness?

* Where should I keep my Last Will?

* Will I need to change my Will if I change residences?

* Who can I name as my Executor?

* What are the duties of my Executor?

* How much Tax will my Estate need to pay?

* I do not have anyone that I would like to leave my Children with, should my Spouse and I die at the same time, what should I do?

* The only people that we want to leave our children with are my parents (who are naturally older than me). They ARE able to take our children, however, what should we do if my spouse and I die (at the same time) before them?

~~~~~~~

Is a Lawyer required to complete a Last Will?

No. A Last Will and Testament can be written in any circumstance, with or without a Lawyer; providing there are Witnesses to sign and attest the documentation.

* Remember to enquire about the minimum about of Witnesses required by your Country. (In some countries, 3 witnesses are required).

It is recommended to provide copies of the current Last Will and Testament to your Lawyer/Attorney/Solicitor. It is also advisable to have them review your Will, should your matters be complicated or if there are any Tax Implications on your Estate (i.e. Inheritance tax etc.) just for your peace of mind.

What happens if a person dies without a Last Will?

The person’s assets may be passed through the courts for distribution according to the relevant countries Laws. In other words, the deceased person may not have their desires of wealth or asset distribution carried out.

Typically, a person’s assets typically pass to the spouse first. If a person does not have a spouse, the estate may pass to their children. If there are no children or spouse, the estate passes to the parents. In the event that there are no blood relatives, the estate may pass to the State.

Must a person have significant (or a minimum amount of) Assets to make a Will?

No. A person can create a Will whether they have little or significant wealth or Assets. If a person has certain desires for where their belongings and Assets ‘go to’ after their death, this is significant reason to create a Will.

It is particularly important, however, for those who have Children. Family or friends of the deceased (particularly if both parents die simultaneously) may not be aware of the deceased’s desires for Guardianship.

How many Witnesses do I need to sign/Witness my Last Will?

It depends on the State/Country of residence. Check your Region’s Laws. Some countries require a minimum of three (3) witnesses.

What is the difference between a Last Will and a Living Will?

A Last Will is used for the purpose of distributing Assets after Death.

A Living Will is used for the purpose of providing instructions (in advance) for instances in HealthCare matters. For example, if Life Support is desired.

What happens if a Witness has died or is unable to serve as a Witness?

For the Last Will to be probated, there is a chance that it will need to be verified by a judge. If your region/state/country requires a minimum of 2 witnesses, both need to be alive to verify the Last Will. It is always best to have 3 witnesses for this purpose.

Where should I keep my Last Will?

It is recommended that you provide your Executor and/or relevant Witnesses with a copy of your Last Will. If you keep it in a safety deposit box, remember to ensure that someone else has access to the box, and name your spouse/attorney or accountant as authorised signatories.

Will I need to change my Will if I change residences?

It is possible. It may be required, particularly if you change states, and particularly countries.

Who can I name as my Executor?

Anyone. You can name anyone to be your Executor. You can also even nominate a professional Executor (Accountant, Lawyer/Attorney/Solicitor) to take care of distribution of your Estate Assets and matters. This will, however, attract a fee of either a percentage or an hourly rate.

What are the duties of my Executor?

Your Executor will be responsible for acting upon your Last Will. This means distributing your Estate, according to your Will. You will need to provide a copy of your Last Will and Testament to your Executor. Their main duties are arranging and hiring a Lawyer and deciding when and how your Estate will be handled.

How much Tax will my Estate need to pay?

It depends on the value of the Estate at the time of your death. Familiarise yourself with your Regions/Countries Laws relating to Estate and Inheritance Taxes upon death. Also consult your Lawyer/Attorney/Solicitor or your Accountant. Also clarify the period by when the taxes are to be made payable. In some countries, taxes are to be made payable within 6 (six) months of death. Your Estate may require an appraisal. Be careful with cash assets, as the taxation upon these assets may require cash taxation payments, whereas, Non-liquid assets may have other arrangements; through the Taxation Agency/Office.

I do not have anyone that I would like to leave my Children with, should my Spouse and I die at the same time, what should I do?

In this instance, you must choose the BEST alternative, otherwise your children may end up ‘Wards of the State’ or in Foster Care.

The only people that we want to leave our children with are my parents (who are naturally older than me). They ARE able to take our children, however, what should we do if my spouse and I die (at the same time) before them?

Perhaps you can write a Will with them as Guardians- just in case, with the clause in THEIR Will that they put the children’s’ interests first and ensure that they leave your Children to capable people.

You do not want to ‘do nothing’ about your children’s welfare. It is best to have someone you think is capable of looking after them just in case your death is imminent.

More FAQ’s to come!

Please leave a comment should you have a Question. We would really appreciate your feedback and further questions.