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Do I need a lawyer to draft my last will and testament?
Your last will and testament is one of the most important documents you will ever sign. Drafting a will forms part of the process of estate planning and involves a range of considerations. While you do not, by law, need a lawyer to make a will, getting expert guidance can ensure that your will is valid and your final wishes are carried out effectively.
There are several professionals who can help draft your will, such as banks, accountants, and organisations that specialise in wills. You can also draft your will yourself, granted that it meets all the legal requirements for a valid will. DIY wills are even available at stationery shops. However, there are significant benefits to having a professional help you draft your will.
Other than the 'who', it is even more important to focus on the 'what' in your will, to meet the legal requirements of a valid will. Here, it is a good idea to ask an expert to draft your will.
Anyone aged 16 years or older, who is mentally competent, can draft a will.
A will must be in writing – either by hand or typed – and the signature of the person whose will it is (testator = male, testatrix = female) must appear on every page. These signatures must be made in the presence of two competent witnesses.
Witnesses must be aged 14 years or older, of sound mind, and not be named in the will. They must sign in the presence of the person whose will it is, and of each other.
Your original signed will should be held in safe custody. You can keep a copy for your records.
Estate planning considerations refer to making a plan for everything you own, and everything you owe. The guidance of a professional can offer peace of mind. When you embark on your estate planning journey, it is to ensure that your assets are distributed the way you want and that your loved ones are provided for when you pass away. It also means making sure there’s enough money to settle outstanding debts and taxes, pay estate taxes and other costs associated with dying. Aspects such as your marriage regime, capital gains tax and any other applicable income taxes must also be considered.
It can feel quite overwhelming. We are here to make the process as simple as possible. We offer a full suite of wills and estate administration services, all under one roof. For more information or to arrange your complimentary will consultation, speak to your financial advisor or contact us.