The Importance of Writing a Last Will and Testament

 

A last will and testament is a legal document that details the last wishes of the deceased, particularly concerning the distribution of assets after death. A will can also contain instructions to ensure children are provided for and to name a guardian for dependents, as well as details of the type of funeral the deceased would prefer.

There are many reasons why writing a will at an early age can be beneficial – anyone who dies without leaving a legal last will and testament will find the distribution of their assets, care of their children, and funeral arrangements left to the courts to decide. Despite the importance of this, as many as 60% of people are estimated to not have a valid will. Some more statistics on wills can be seen in the embedded infographic.  

Last Will andTestament: Statistics

Attorney-at-law Dr Edgar Paltzer helps clients write their wills as part of the estate planning services offered by his legal practice based in Switzerland. A qualified estate planner has the knowledge and expertise to help people write a last will and testament that has the best chance of ensuring the wishes of the deceased are carried out following their death.

Probate

Whether someone has written a valid will or died intestate, in Anglo-Saxon jurisdictions the probate process still needs to be followed after a death. This is the name given to the legal process of breaking up an estate following a death. Having a will makes the probate process far faster and more efficient, as the courts have the wishes of the deceased displayed in black and white. Where there is a valid will and there are no unforeseen issues with the estate, probate can be a relatively simple process. However, when a person dies intestate, probate can be lengthy, and complicated and the results may not be to anyone’s satisfaction.

The short video attachment explains more about the probate process.

Taxes

A properly executed estate plan which includes a last will and testament not only makes the legal process simpler; it can also reduce the tax liability on the estate of the deceased. The rules on inheritance tax are different depending on which jurisdiction the deceased resided in, but in most cases, there are ways to minimise the amount of inheritance tax that is required to be paid.

Typically, leaving assets to a spouse will either remove inheritance tax completely or vastly reduce the bill. Leaving assets to direct relatives such as children and grandchildren will usually reduce the tax liability compared to leaving those assets to people outside of the family.

Estate planning attorneys can help navigate the complex rules and work out the most tax-effective way of leaving assets to loved ones depending on the jurisdiction.

Legal Requirements for Writing a Valid Will

Disinheriting

Some people may find it important to write a will not only to ensure some people benefit, but to ensure certain people do not. It is possible to disinherit individuals who would otherwise be classed as beneficiaries should a person die intestate, by specifying within the will that they are not to benefit. In civil law jurisdictions forced heirship rules limit these possibilities.

Writing a will at a young age does not preclude changing it at any point throughout life – wills can be written and rewritten and the most recent, validated form will be the one the courts honour. The PDF attachment outlines the most common legal requirements for writing a will that is valid in the eyes of the court.