A will is a statement of a person’s intent regarding the disposition of their property after their death. It has no legal effect until the death of the testator (the person who makes a will).
In a will, the testator declares the person who will carry out the distribution of his property (executor) to the person to whom he wishes to give (beneficiary). He may want to appoint a trustee to take care of his property, for example, to insure, sell, or rent it. He can even name a guardian alongside his spouse to care for his children until they reach the age of majority.
There are some compelling reasons why a person should make a will during their lifetime.
First, a testator can leave his assets to the people he wishes to leave in his will. For example, he may want to donate part of his property to charity or give part of it to a friend. Without a will, a person’s estate will be distributed in accordance with the Distribution Act of 1958. According to the Distribution Act of 1958, legal beneficiaries are their spouse, children (children, if no children, grandchildren), and parents . However, the court may intervene if a dependent of the testator who is not named as a beneficiary in the will requests a review.
Second, in the event that a person dies without a will, those who are entitled to their assets in their own right, that is, spouse, children and parents, must choose an administrator who is in charge of the distribution of the inheritance. The administrator will have to request through a lawyer to the Court the issuance of a letter of administration before the distribution of the inheritance. If your spouse, affairs and parents do not have a good relationship, they may face difficulties in choosing a trustee. Conversely, if a person dies with a will, the person who carries out the distribution of the estate is indicated in the will. He is the executor. He will apply to the Court for the issuance of a grant of succession prior to the distribution of the estate.
Third, in the event that a person dies without a will, the Court requires two guarantors who can respectively guarantee the gross value of the estate. If the estate’s gross value is worth a million dollars, it won’t be easy to find a family member or friend to be collateral. Contrary to such a situation, if a person dies with a will, the Court does not require collateral.
Fourth, the application to the Court for a letter of administration will take between three and five years due to the difficulty in choosing an administrator, seeking guarantees, determining the estate of the deceased, etc. By contrast, it only takes about six months for the court to issue an award of probate.