What are the practical steps involved in creating a will and why being clear in your will is so important
In order for a will to be legally enforceable, there are a few requirements that have to be met. The will maker has to be over 18 years old and be of sound mental capacity. So that means that they need to understand what exactly they own or may have an interest in. They must understand the effect of their decisions. They must appreciate any potential claims against their estate. So for example, if you have a mortgage. If you have a personal loan these things persist post debt. They follow into your estate and can be traced into your estate. Next, a relevant consideration would be that the will must be properly executed.
So that means that you, as a will maker, has to or have to sign in the presence of two independent witnesses. who must also sign to confirm execution, the will also must be clear on its face, meaning that it must demonstrate clear intent to dispose or to give away all of your assets upon your death. But there isn't a set formula of words. Because, people's situations differ, it's a very subjective thing. But no specific wording is mandated. All that is mandated is that there must be a very clear intention to dispose of all of your assets properly witnessed on your demise.
So the test is, in the case called Banks and Goodfellow meaning which states essentially that the testator/you need to understand the extent of your property or of the assets that are being disposed of, and you need to be able to comprehend and appreciate the claims to which a person making a will ought to give effect. Meaning, Be aware that whatever claims that may against you in life can follow you into your state of death.
-Learnings from Episode 2 of Vera Legal Insights with Mikhail Charles.
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Note: the contents of this Vodcast are just us having a conversation and any responses are for information or educational purposes only, they do not constitute legal advice, the facts of each case vary so if you have a legal query please obtain professional legal advice valid to your individual circumstances. Vera, the host or the guest would not be liable for any damage or loss caused.
