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Saturday, September 16, 2006

What is a Will?

A Will is a document where a person states his intentions as to how his Estate is to be administered and distributed after his death and who is to administer the Estate for the deceased. It may include provisions for guardianship, custody and tuition of a child.

A will Must be in writing unless it is Privileged Will. ( A soldier in actual military services, or a mariner or a seaman at sea is entitled to make what is called a "Privileged Will").

A person making a will is called the Testator and he must be at least eighteen (18) years of age and of sound mind unless he is a soldier in actual military service or a mariner or seaman at sea.

Executor: The person named by the Testator to administer and distribute the Estate The Executor need not be a beneficiary.

Beneficiaries: The person who inherit or benefit under the Will.

If there are minor beneficiaries, i.e. person below the age of 18 years named in the Will, you must name at least 2 Executors.

You may also state in you Will that the Executors are also to act as Trustees to hold any assets or invest or use any money for the benefit of the minor Beneficiaries named in the Will.

A Will need not be stamped.

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