What are the advantages of having a Will?
- My Executors are empowered with authority to act by my Will (Such power is derived from the Will itself and not the grant of probate) hence forth my Executors are able to act immeadiately upon my death. In the case of a decease without a Will the administrator derive his power from the letter of administration hence the administrator is powerless and cannot act until the letter of administration is obtain from the High Court. (And this can take at least six (6) months from the death of the decease)
- I get to choose my Executors and Administrators;
- I get to choose my beneficiaries;
- I get to direct and empower my Executors and Administrators to deal with my property;
- I get to direct and empower my Executors and Administrator to manage my bank account immediately for the benefit of my estate;
- I get to set up a trust for my children’s welfare and/or education;
- I get to choose a trusted guardian for my children;
- Your Executors and Administrators are empowered to act for your estate upon your death and their power is derived from the Will.
- If you are married, it is to ensure that your spouse have full control and/or benefit of your estate; (Take note of the Distribution Act in cases where there is no Will)