One of the greatest advantages of having a Will is that you can choose who will receive what from your estate. If you pass away without a properly executed Will, your possessions will be distributed in line with the laws of intestacy – that means the people you would like to benefit may receive little or nothing, while others with whom you’re not as close may receive the bulk. It’s likely that these actions don’t accurately represent how you would have wanted your assets divided.
Recording your Will at the Island Record Office of the Registrar General’s Department provides peace of mind, protects your document and simplifies legal procedures for your heirs.
One of the many benefits of having a well-drafted Will and recording it is the assurance that your affairs will be handled appropriately after your passing.
Other benefits of making a will includes:
- Make your wishes known – Selecting the beneficiaries of your estate is one of the biggest benefits of having a Will. Your assets (all that you own) will be divided among your loved ones according to your wishes.
- Distribution of assets – Your Executor(s) will be entitled to act immediately upon your death to reduce the likelihood of damage to, or theft of, estate property.
- Make provisions for Dependents – proper provisions can be made for your dependents by establishing a trust to provide for schooling and other expenses. If you have a child or children, a valid Will is necessary to make arrangements for the children should the parents die, it is extremely important to have a Will in place if the children are under 18 and would need someone to look after their inheritance or to have a guardian appointed for them.
- Shorter turnaround time for the administration of your estate.
- You can clearly express your wishes about your funeral, burial or cremation.
Recording your Will has several benefits:
- Security and Safekeeping: The Will is stored securely, reducing the risk of being lost, stolen or destroyed.
- Reduced risk of tampering: Recording your Will helps to protect it from potential tampering or unauthorized changes.
- Easy access for Executers: Your Will can be easily assessed by your appointed executor/s after death, allowing them to promptly execute your wishes without delay.
- Formalizes its existence and authencity: Recording makes it easier to verify and execute, minimizing potential disputes among family members; thus, assisting with probate settlement.
- Shorter turnaround time for administration of estate.
Remember, making a Will need not be time consuming or costly but it is vitally important to ensure your personal assets are distributed to those you love.
Source: RGD
