A home made will is one prepared by the willmaker themselves, perhaps using a “will kit” and without without the services of a lawyer and the benefit of individual legal advice. This may seem an economical and convenient approach to will-making. While a lawyer’s costs are avoided at this step, there is the potential is …
Time limits apply under family provision law within which to contest or challenge a will. If this time has passed it is possible to apply to the Court for an extension, but whether it is granted will depend on the circumstances. In this case the application was unsuccessful, being some years out of time.
Why sever a joint tenancy? Owning property with others in co-ownership can be either as joint tenants or tenants in common. The consequences of who inherits a co-owner’s share on death are different. It is important to bear this in mind when planning ahead and will-making so your interests go to who you want. …
The residue of a deceased person’s estate is basically what is left over after the payment all costs in connection with the estate. That is, payment of funeral expenses, costs incurred in the administration of the estate, payment of the deceased’s debts, discharge of any liabilities and the distribution of any specific gifts made under the will.
If you die without leaving a will you are said to die “intestate”. In the absence of instructions left in a valid will, who will inherit your property? Succession law contains strict rules to deal with this problem.
Pets are like family but arrangements may not always be made for what to do with a beloved pet when their owner is no longer around. It is helpful to executors to consider leaving arrangements on what to do.
A will is a useful way make provision for the care and maintenance of companion animals. Various options are available, depending on individual circumstances.
Updating a will might seem a troublesome chore, but circumstances can change from the time it was made. The changes might produce unintended and unwanted outcomes in the event of death. Therefore reviewing a will is important to keep its contents in line with intentions. Regularly reviewing your will is important so it reflects your intentions.
Why make a will and what can it do? Dying without leaving a will, or leaving an invalid one, is to die intestate. Dying intestate means property left by the deceased, their estate, is distributed according to the intestacy law. The intestacy law has been prescribed by legislation as the ‘default’ rules to apply in these circumstances. The problem is that the intestacy formula for distribution may not produce the desired outcome.
Joint tenancy and tenancy in common are ways of co-owning property with others. Inheritance is independent of a will with one, but not under the other.
A will is a testamentary document, often referred to by lawyers as an ‘instrument’, setting out what a person intends to have happen to their property, (real and personal), and other matters, when they die.
It is the legal way to record a person’s instructions and wishes on how they want their property distributed on the event of their death, and who is to responsible for carrying out those wishes.
Because it is to take effect only on death, a will is referred to as being ‘testamentary’.
A testamentary document or instrument is one which its writer intends, at the time of writing it, to come into effect when they die, and not before. It is where a person sets out their intentions for the distribution of their property when they die.
Disposing property by will, in the will-making process requires considerations to be given to what you own in your individual name, as opposed to what you might control, see further below. As only property owned in a personal or individual name can form a deceased estate, it is only this which can be transferred by will, (or the rules of intestacy).
Among the first considerations in making a will is considering what we own. Only property owned personally can form a deceased estate and be disposed of by will, but it is easy to overlook that property thought of as ‘ours’, is legally in another name. It pays to check who owns what, that which is not in your own name, is not yours to give by will.