How Legal Cover Helps Your Write Your Will
Where there’s a will, there’s also bureaucratic chaos. While plenty of people flatter themselves into thinking they can write their own will, few know exactly what it entails. Having a lawyer on hand to draft your will, or look it over at least, can prevent any issues popping up when the time comes for the will to be implemented. We look at what makes a Last Will and Testament and why it’s important to have legal insurance cover to ensure a lawyer is always on hand to cross the t’s and dot the i’s.
What makes a will valid?
- The will must be in writing.
- Two people older than 14 years of age must witness the making of the will. These witnesses can be beneficiaries of this will.
- You must initial every page of the document and sign the last page, in the presence of these witnesses.
- The witnesses must also initial and sign the will.
Key elements of a will
- Guardianship: The most likely candidates looking to compose a will are parents or the legal guardians for a minor child. As a parent, a will allows you to ensure your children are placed with people you trust in the event of your passing. If you do not specify a new legal guardian for your children, the authorities will place your children with your closest relative
- Assets: Your assets can include family heirlooms, the content of a bank account or unit trust, or any stocks or bonds to your name. Be sure to clearly state which heir gets what property and describe the property in a way that your executor or a court will understand.
- Real Property: This term refers to homes and buildings, rather than smaller things like heirlooms. Transferring this kind of property into another person’s name can be exceptionally time-consuming, so it is vital to have legal aid when navigating this process. Speak to a knowledgeable attorney about the proper way to include real property in your last will and testament.
It’s best to have an attorney draft your will
Unfortunately, many wills turn out to be invalid because the person, who drafted it didn’t have the legal knowledge to ensure the document is in line with the Wills Act. A practicing attorney, on the other hand, would have the necessary understanding of the law to produce a will for you that would remain uncontested. However, lawyers charge by the hour and drafting a will can take some time. But a lawyer can become much more affordable with a personal legal insurance policy. Why not get a legal insurance quote today?