Why is it important to have a Will?
A will is a person’s last wish – a document indicating what should happen with his / her assets, if they are no longer available to divide their assets. It can be very complicating if there is no will, as many family feuds arise, after a person passed.
Wills and The Law:
There are certain laws which should be adhered to when drafting a will, to ensure that the will is valid.
Should you have minor children, it is in their best interest to indicate who will be appointed as their guardian. Parents may also stipulate in their will that the money, which will be inherited by the child / children may be kept on a trust for the child / children and a trustee must be appointed to manage the money for the children. This will ensure that a responsible person will be in charge of the child’s trust fund.
A Living Will:
A person may wish to elect that desperate measures should not be taken to save his / her life, by connecting the person to artificial machines to keep him / her alive.
Should the testator request this, the decision is made by the testator himself, and not by the family members, who may not be able to make such a decision under the emotional circumstances.
A person can have control over their assets, once they have passed. A person may wish to keep property in the family. In this instance a fideicommissum is the proposed method, to have control over the property after death. A person can indicate that the property must be inherited by his / her son / daughter and after the death of the son / daughter, the property must be inherited by their son / daughter. In which instance, the first generation may not sell the property, they may only stay on the property.