Am I too Young to Write a Last Will and Testament?
Over 60% of adults don’t have a Will, and this is across all of the countries that we support; the US, UK and Canada. For Expats, this number is almost certainly going to be higher, because the process is that much more complicated.
This means one out of two adults are woefully underprepared for their own death! On a daily basis not many of us like to think about our inevitable demise, it’s morbid and something that most of us don’t want to think about. Like going to the dentist or sitting an exam, there are some uncomfortable scenarios that we put off for as long as possible. Writing a Last Will and Testament should not be one of them.
However, there comes a time when we need to face the cold hard reality that we won’t live forever and you need to write a last will and testament. Granted, writing a Last Will and Testament isn’t the most fun you can have, and when you’re young there are a million and one exciting things you would rather do but it’s really not such a long and laborious process as you might think. To help you see the benefits of having a Will we have outlined the reasons why you’re (almost) never too young to write one.
The Young Ones
In 2014 Rik Mayall, a star from the popular ‘The Young Ones’ TV series passed away unexpectedly without leaving a Will. This resulted in extra fees and expenses for his surviving family, never mind the added turmoil of not knowing how he would have liked his estate to be shared.
But this happens all the time. If you took just musicians, you could form a supergroup of Prince, Jimi Hendrix, Amy Winehouse, Billy Holliday, Bob Marley, Barry White…..the list goes on.
Although estate planning can be easy and intuitive, the legal jargon surrounding Wills can make it confusing for those who aren’t familiar with the process. Although many aspects of estate planning are actually relatively simple, the unfamiliar language that people associate with the law can make these aspects seem daunting, even unintelligible. The awkward words used in Wills may be intimidating, but you shouldn’t let a few unusual terms turn you away from preparing your own Will.
One of the philosophies that governs ExpatLegalWills.com is the idea that the law should be accessible, and that jargon terms shouldn’t prevent anyone from understanding their Wills. You shouldn’t be required to spend significant sums of money on legal advice just to understand your own Will. This glossary presents some of the most common terms that surround estate planning law, terms that will be useful as you write your Last Will and Testament. If there are others you would like to see, please add them in the comments.
The Testator, Beneficiary, Executor, and Witness: The major roles involved in writing a legal Will.
There are several key terms that describe people in relation to your legal Will. During the estate planning process, keep these terms in mind.
- Testator: The person creating or leaving a Last Will and Testament.
- Beneficiary: A person who receives a gift as per the Last Will and Testament. This can be a person, a charity, or any other organisation.
- Executor: A person selected by the testator who carries out the Last Will and Testament. Executors will distribute assets, deal with creditors, make tax payments, and perform other services on behalf of the estate. The executor can also be a beneficiary.
- Executors are usually compensated for their services. In most jurisdictions, 5% of the aggregate value of the estate is generally the maximum payment, and executors are commonly awarded 2.5-3.5%.
- The Executor can be a friend or family member, or you can employ the services of a professional; usually a lawyer or department within a bank. Lawyers and solicitors have been known however to charge not only a percentage of the estate, but also an hourly fee which has led to some criticism.
- Witness: A competent person who has reached age of majority that is present with the testator for the signing and dating of the legal Will. Witnesses have to to be disinterested parties; in other words, they can not be a beneficiary, and witnessing a Will can cause a beneficiary to forfeit their gift (disinheritance), or even challenge the validity of the entire Will. In some jurisdictions the spouse of a beneficiary is also disqualified from being a witness. So at ExpatLegalWills.com we generally recommend that the person has absolutely nothing to do with the content of the Will, just to be on the safe side.
You have finally decided that it’s time to write your own Will. There are key appointments to be made, like the naming of an Executor, or maybe guardians for your children. But the main body of your Will is going to explain how you wish to distribute your estate (everything you own). This could be made up of a series of “bequests” to a number of “beneficiaries”. The selection of beneficiaries becomes a little more complicated for Expats, and we frequently receive questions related to who or what can be a beneficiary in the Will.
A quick word on Bequests
There are three types of bequest that can be included in a Will. Continue reading
Most people know that they need a Will, but with 65% of adults in Canada, the UK and the US without a Will, there is clearly a barrier to getting it done. In most cases there is a misconception that in order to prepare a Will, you must have an estate planning lawyer or solicitor involved.
For Expats this presents a unique challenge, especially if assets are held in more that one country. You need a Will for each country in which you are holding assets, and you would need to find a qualified legal professional in each country to deal with your estate planning needs.
You may have heard about using do-it-yourself Will kits, or online Will services, but again, with assets held in different countries, you are rightly skeptical that an off the shelf Will kit would be able to cope with the complexities of your estate.
But travelling to each country to meet with a lawyer or solicitor to draw up the legal documents is simply not practical, especially if there are other family members involved. This makes the estate planning bill escalate into the thousands of pounds or dollars. Continue reading