A Will is a legal document that sets forth a person’s wishes regarding the distribution of his/her property and the care of any minor children (a guardian). A Will provides the manner in which a person’s property will be distributed after death. A Will contains instructions and wishes as to how the property and assets are to be distributed.
Any person, of any age (after 18: in some countries after 21), should seriously consider writing a Will at the earliest. People die at all ages and a Will is needed especially if you have assets and property to be allocated to those you wish to benefit.
Why Write a Will?
A Will is the expression of the person's wishes concerning how their property is to be distributed.
It is a:
- written statement
- signed in compliance with the various formalities covered by legislation
- It is a legal document containing the names of the people you want to benefit
- details of your possessions at the date of your death: the people you want to benefit are called beneficiaries
Property or possessions include everything you own, such as your home, land, vehicle(s), bank account(s), benefits of insurance policies, furniture, boat(s), investments such as shares, personal jewellery, all forms of royalties received on intellectual property and so on.
A Will also clearly states the manner in which the person wishes to be put to rest after his death. He/she may choose to be buried or cremated is also clearly stated in the Will.
If you are charitably inclined, a Will lets you direct your assets to the charity of your choice. Likewise, if you wish to leave your assets to an institution or an organization, a Will can see that your wishes are carried out.
If you do not have a Will?
Legally, you die intestate. In such a case, the State will oversee the distribution of your assets according to the laws prevalent therein. Contrary to popular opinion, the State does not inherit your assets, but rather distributes them according to a set formula. Such a scenario can result in the sale of the family home or other assets, negatively impacting the surviving spouse. Further complications can arise if your children are minors, as the Court will appoint a representative to look after their interests.
In the United Arab Emirates, the bank accounts (operated singly and jointly) area all frozen by the banks till the Court instructs the banks to release the amounts, this court order arrives only after the Will has been carried out which may take any number of days.
Power of Attorney
It is also possible that you may have an accident, are in a coma and no one but you had the access to the bank, now what happens to your wife and the children, in this case it is wise to write a Power of Attorney, authorizing her to use the banks in case you are incapacitated.
A lawyer friend of mine also said and I quote, “If you don’t trust your wife, just don’t give her a Power of Attorney.” So just be careful to whom you give them out to.
Modus Operandi
Step 1: Planning and an Introductory Meeting
I begin each Will with a Planning phase, which requires the involvement of the person who’s Will is being prepared. Detailed discussions are held with the person to exactly understand his/her wishes and desires and by enabling the client to better understand the implications of dying intestate along with the advantages of having a probate Will.
Step 2: The Documentation
These meetings typically last no longer than couple of hours and take place at your office, if possible. At this time you have the opportunity to ask questions about the upcoming work and its process.
I encourage you to discuss any concerns that you may have and any areas or businesses that you would like me to address effectively.
At this time, you may also provide e with the information I request before work begins -
Step 3: Fieldwork
In this step, the actual work of the Will is performed from the already gathered information about your desires and wishes regarding the execution of the Will.
I also prepare a Power of Attorney in favor of your wife, so that if the need be she can exercise her right to secure herself legally and take care of the funeral/repatriation of the body; relevant procedures and all incidental expenses.
Step 4: Probate your Will
After the fieldwork is completed and the Will and the Power of Attorney have been reviewed with you, at your option, either you or I will have the Legalization done from all the Government offices so that the Will is effectively carried out by the Courts after your death.
