Sunday, April 22, 2007

Write your own will

Writing a will in my opinion is not such a complicated affair that you cannot draft it yourself. I just did some research on the web using the search term "write your own will" and got to some relevant sites. I copied and pasted the relevant information into Notepad and proceeded to draft the will on my own. Unfortunately, I forgot to save that Notepad with the information, but roughly, this is what you will require. You have to state that this is your last and only will and testament and revoke all previous wills and amendments. You have to appoint an executor of the will. You then have to state how you want to bequeath your assets and how to deal with any debts. Your will will have 2 be signed in front of 2 witnesses.

I paste below portions of what I drafted:

This is the last and only will and testament of So and So, identification No. XXXXXX, date of birth YYYYYY currently residing at "current address. I hereby testify that I am currently of sound mind, I am making this will and testament willingly and that I am under no duress from anyone in making this will. I hereby revoke any previous wills and any amendments to them. I have Z children and they are:

Names, identification numbers, dates of birth

I hereby appoint So and So as executor of this will. I also waive any requirement for them to provide a bond to take up the task of acting as an executor. (to make things easier for them)

In the event that all the children are unable or unwilling to act as executor, I hereby authorize them to appoint ABC Trustee Pty. Ltd., or any commercial entity which business is to provide trustee and executor services, or the Public Trustee.

I hereby bequeath .........

I hereby authorize the executor of this will to settle any debts, burial expenses from any cash that I may have left behind, and if that is not enough, to sell any movable or immovable assets to settle the debts and burial expenses.

................ ............
Name Date

The undersigned hereby testify that I So and So have signed this will in their presence and that this will consists of X pages.

For good measures, I contacted my niece who is a practicing lawyer to ask if she is willing to vet the will. She agreed provided it is not too complicated, but will have to request me to get someone professional if it is a complicated one.

I also undertook to write my own will because there is high possibility that I will change the will as circumstances changes, and I don't fancy having to pay professional fees everytime I do so.