Wills and testaments

It is quite interesting that we are experiencing that a number of clients, old and young, do not have their Will and testament in place. Some have been outdated for a long time and to get the legalities sorted out to assist clients in the efficient handling of the distribution and especially providing for minor children and students are cumbersome.
We would like to urge clients to update their will and testament and to consider the effect of taxation rules and structuring of policies.
Lives of people change fast and this includes divorces, children growing older, new marriage, new born children which are forgotten in wills even after 20 years, multiple marriages and divorces and where spouses fall away at young ages. 
Plan better now while you have the time to ensure that your loved ones are sorted after you passing away.

A will or 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, and names one or more persons, the executor, to manage the estate until its final distribution.  
Though it has at times been thought that a "will" was historically limited to real property while "testament" applies only to dispositions of personal property (thus giving rise to the popular title of the document as "Last Will and Testament"), the historical records show that the terms have been used interchangeably.[1] Thus, the word "will" validly applies to both personal and real property. A will may also create a testamentary trust that is effective only after the death of the testator.

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