As the testator of your own will, you have many advantages:
You can choose your beneficiaries, but be sure to take into account the size of your estate and your family’s needs. Your will does not need to be limited to your selected family, you are free to acknowledge people and causes of your choosing, and you can exclude someone.
You can decide which assets and what percentage or value of your assets to leave to various beneficiaries. You may want to bequeath specific items and amounts to different beneficiaries. If, on the other hand, you die intestate, your beneficiaries will be entitled only to a fixed and equal proportion of your estate.
You can nominate an alternative beneficiary if for some reason the first nominated beneficiary cannot inherit. For example, if the nominated beneficiary dies before you.
You can decide how you would like to place conditions on a beneficiary before they qualify to enjoy the benefit, and how they may or may not use the benefits of their inheritance. A common restriction is to exclude the spouse of a beneficiary from any matrimonial claim on the inheritance.
You can decide what will happen if a beneficiary should become incapable of dealing with the inheritance and how the ultimate beneficiaries can be protected.
You are able to choose who will be the executor of your estate. And you can determine the powers the executor will have, and if you want the executor to provide security.
You can nominate a guardian to care for your children in the unfortunate event that you should die while they are still minors.
Having a well-crafted Will available at the time of your death will help to speed up the administration process and will limit any potential altercations and conflicts.
Conclusion:
In many ways, a Will is the most important legal document there is. Without a Will, a lifetime’s work could be undermined and carefully constructed commercial and legal safeguards could be negated. What’s more, your dependents, family, and beneficiaries are likely to suffer the hardship of an uncertain financial and legal future because of the inevitably long delay in winding up your estate.
Article Courtesy – www.golegal.co.za