Wills & Probate

WILLS & PROBATE

A Will is a legal document which dictates the distribution of your property to take effect when you die.
If you do not make a Will, your property will be distibuted in accordance with the Succession Act 1965. This act provides for a number of possible allocations depending upon the number and type of surviving relatives. Spouse but no children : Spouse is entitled to the entire estate. Spouse with children : Spouse is entitled to take two-thirds of the estate. Children but no spouse : Estate is divided equally among children only.
By not making a will, you lose the ability to provide for the special needs of family members. Most importantly, you run the risk of having your estate distributed against your actual wishes.

Having no will also means that you lose the opportunity to appoint an executor of your choice. It is important that the executor know as much about the deceased 's affairs in order that all assets are included in the estate. It is advisable to appoint two executors in the event of the death of one. Appointing an execuor can take on extra importance when providing for a person under 18 years old. In this case a trustee should be appointed to hold the gift until the person reaches the age of 18. The position executor and trustee are often designated as the same person.