Should I have a Will?

Let’s start this discussion by first defining a Will.  

A Will is a legal document which outlines how an individual (the Testator) wants to have his property and belongings distributed after he/she dies.  For a Will to be valid it must be in writing, and in keeping with the rules/laws as set out in the individual’s  jurisdiction.  The Testator must have the intention and the capacity (age and mental capacity) to make the will.  The Will must be signed by the Testator or by another person in his/her presence, by his/her direction.  The Testator’s signature must by made or acknowledged in the presence of two or more witnesses who are present at the same time.  These witnesses must attest and sign the Will in the presence of the Testator.  The Will should also name an Executor(s) who will be responsible for carrying out the terms of the Will.

In Trinidad and Tobago estate planning is addressed in the following pieces of legislation:

The Wills and Probate Act, Chap. 9:03

The Administration of Estates Act, Chap. 9:01

Trustee Ordinance, Chap. 8 No. 3

Why do you need one?

A Will is supposed to outline how you want your ‘stuff’ to be handled after you leave this life.  We all know and have heard of persons who died ‘intestate’ (without a Will) only to have their remaining relatives, relations, friends and sometimes strangers fight over their earthly possessions.  A properly crafted valid Will should prevent a great deal of the feuding that usually follows a death.  You can decide who gets what, and how.  You can disinherit someone you are no longer close to and ensure that a trusted companion or friend receives what you want them to regardless of how your immediate (and entitled) relatives may feel.  If you decide not to prepare a Will, your family and friends may find themselves in some confusion as to how to distribute your belongings.  I should also mention that the estates of persons who die intestate usually take a longer period of time to be administered as opposed to the estate of a Testator with a valid Will.

As you get older your possessions may increase in number and value and so a codicil would have to be done to add to or amend or partially revoke the terms of an existing Will.  A Will however, is revocable at any time during the Testator’s life.

Closing thoughts….

You are never too young to have a Will, once your’re over the age of 18, you should consider having a Will drawn up, even if it’s only to give your second cousin your treasured stash of video games, make-up, jewelry or books.  If you don’t have a Will your remaining family members would have to apply for the grant of a Letter of Administration, which may lead to more confusion than anyone would care to admit, in already strained and stressful circumstances.

Think about it, do some research and decide for yourself.

Best,

Simone