That legal document that lays out your instructions for what should be done with your wealth after your passing is called your Last Will and Testament.
It contains the specifics of WHO is to receive WHAT, WHEN they are to receive it, and if the care of dependents is involved, who you would like to assume that responsibility.
Once the owner was of sound mind and body when he/she executed the Will, and the witnesses to the Will can confirm that, the Will remains valid even though the owner becomes mentally incapacitated afterwards.
To avoid these challenges or questions, it is recommended that the owner’s doctor be one of the witnesses, as he/she can attest to the person’s mental capacity at the time of signing the Will.
If you are not leaving behind any assets which must be transferred with a Grant of Representation, your Executor can simply distribute your assets after your death in accordance with the wishes expressed in your Will, without any formality or procedure.
If however, at the date of your death, you have title in your name to any vehicles, land, financial accounts or insurance policies (without joint holders or named beneficiaries), your Executor must retain the services of a lawyer or a firm like EQ. This is because title to these assets are registered in a public registry like the Licensing Office, Land Registry or at a Banking Institution or Insurance Company. These institutions all require to see the Grant of Probate, in addition to the Will, before they will change the ownership of the asset from your name to that of your intended beneficiary.
The only requirement for a Will to be valid is that it must be signed by the owner and witnessed by two witnesses who are not beneficiaries under the Will.
Only Wills that are being probated have to be filed in the Probate Registry. This makes the Will a publicly searchable document.
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