Professional Documents
Culture Documents
Will Fin533
Will Fin533
A will is a document in writing that states a person’s intention as to how his/her estate is to be
administered and distributed after his/her death.
In writing
Sign
Sound mind
At least 2 or more witnesses
not be under the age of majority
The concept of Will involves three parties:
1. Testator
Referring to the person who makes the Will (must be at least 18 years old and sound
mind)
2. Executor
Person to administer and distribute the estate
Duties of executor
i. To identify the assets and beneficiaries of the estate
ii. To collect and realize the deceased’s assets
iii. To pay the deceased’s funeral expenses as well as debts due and owing to
other parties
iv. To distribute legacies
v. To complete the administration and distribute the residuary
3. Beneficiaries
The person that will inherit the estate
There are reasons why people do not write Will:
People are not aware of the importance of having a Will that would protect the future of their
families
They think that writing a Will is a complicated and time consuming job
Some people think that a Will is only for the old. In fact, a Will has nothing to do with age.
The have nothing much to pass down.
They feel that if they write documents before their death, it is a sort way to hasten their
demise.
The benefits of writing a Will
A Will is an effective way of declaring your personal liabilities or somebody else’s rights to
your assets.
A Will is a way to ensure speedy and efficient administration of your estate.
Writing a Will is a way to avoid family disputes.
The Will should include the appointment of a guardian to your minor children or your family
members who require special care.
To ensure that the distribution of your assets upon your demise will be done according to your
wishes.
A Will is also a medium for you to appoint the Executor of your choice.
A Will can be revoked by the following acts/circumstances:
Marriage
o A Will is revoked by a marriage or re-marriage (unless the Will is made in
contemplation of a particular marriage).
Destruction
o A Will is revoked when the Testator destroys the Will physically with the intention of
revoking it. Accidental or malicious destruction by a third party does not constitute
revocation.
A later Will
o A subsequent Will would automatically revoke an earlier Will, whether or not a
revocation clause is included in the later Will.
Conversion to Islam
o A Will is revoked when a Non-Muslim person converts to Islam because the
distribution of his/her estate will automatically follow the Faraid distribution.