Wills are for rich folks everyone

A Will/ Testament/ Last Testament is a legal document by which a person (the testator) expresses their wishes as to how their property is to be distributed at death.

Will ensures that your property is distributed in the way you would have wished it to be.

You are eligible to make a Will if you are above 18 years of age and of sound mind (apart from the exceptions including undue influence). Undue influence refers to situations where the person drafting the Will is under pressure to write the document in such a way that it goes against their real intentions.

You can change your Will as often as you like but the best way to change your Will is to make a new Will. Codicil is not recommended. A Codicil is a legal document that is used to alter something in an earlier Will. People may use a Codicil instead of making a new Will. It is however not recommended.

You need to log in, make changes to the 4-steps, and when you generate your Will, the previous encryption key will be replaced by the newly generated encryption key.

If you marry after you have made a Will, your marriage cancels your Will unless the Will was made “in contemplation” of marriage. It is recommended that you consult a legal practitioner to make sure the Will is valid.

Divorce affects your Will, but it does so differently in each state and territory. In some jurisdictions, divorce will automatically render your Will invalid. In others, divorce will simply revoke your former spouse as your executor or any gift left them.

The main difference between a Dependent and a Beneficiary is that a Dependent is someone who is financially depending on you or they need physical care from you. A Beneficiary of your Will can be a Dependent of yours and can also not be a Dependent.

Your executor  is allowed to refuse his/her role despite the fact that he/she gave their consent before that. Therefore, it is always recommended that you appoint an alternative executor in your Will.

It is common for a dependent to be one of the beneficiaries as a dependent may be the testator’s child who is under the age of 18. A beneficiary may also be your adult child (over the age of 18) who is not a dependent. A beneficiary could be a charity organisation which you wish to leave part of your estate to. A dependent does not have to be a beneficiary as well. For example, you may not wish to leave your assets to your rich elderly grandpa whom you physically take care of.