Simply put: A Will is a document where you have expressed your wishes in writing for what you want to take place after you have died, and is one of the most important legal documents that you can sign.
A Will applies to property or assets that are only in your name when you die. It does not cover property or assets held in joint tenancy (with another person) or in a trust. It is your way of making sure your assets and sentimental possessions are protected and distributed according to your wishes.
Among other provisions, your Will allows you to appoint executors to administer your estate, name guardian/s for your children, and/or make arrangements for payment of obligations.
The law requires that you must have ‘testamentary capacity’ when making your Will. That means that you understand what you are doing, know who is getting what and why, and understand the consequences of your actions.
Wills must be witnessed by two or more credible witnesses. However, it is not always necessary that the Will bears your signature. Someone else may sign it on behalf of, and in the presence of, you and a required number of witnesses.
A Will does not come into effect until your death. However, the Will document can be amended by duly signed alterations or by attaching a supplementary document (called codicil). In addition, you can revoke your Will at any time by either: (a) destroying it, or (b) by making another Will that revokes the earlier Will or is inconsistent with its provisions.
Wills & Estates | Kenny Spring Solicitors