ESTATE PLANNING & ADMINISTRATION.
What is a Will?
A Last Will and Testament also known as a “Will” is a legal document that says or specifies who gets your property when you die. The will can also provide for appointment of executors, administrators, guardians etc. One can also provide for burial arrangements among other things.
Types of Wills
There are essentially four types of Wills that are recognized in Zimbabwe, namely:
The Wills Act [Chapter 6:06] recognizes three other types of Wills, known as Privileged Wills which are:
Formalities of a Will
Section 8 of the Wills Act [Chapter 6:06] deals with the formalities of will writing, the essential details being that:
The Authority to Make Dispositions by Will
In terms of Section 5 of the Wills Act [Chapter 6:06] a testator may in his or her will
The Contents of a Will
A Will provides clarity on the testator’s last wishes. It is recommended that the Will should contain the following essential information:
General Information
Assets
A description of assets, that is intellectual, movable and immovable properties which can include anything from aeroplanes, boats, copyright license, vehicles, stands, holiday homes, trademarks, shares, investments and in this modern era, a list of those held offshore as well. It is also prudent to specify the bank account details, domestic and offshore, if any.
Whilst it is not a requirement at law, it would be prudent to also provide where possible company registration details, or share certificate details, or registration details of assets in order to make the work of the Administrator of the Estate easier.
Who will manage the Estate?
It is important in a Last Will and Testament for a testator to nominate and appoint an Executor of the Estate.
Guardianship
A testator may in his or her will make provision for the custody or guardianship after their death of any of their minor children
Beneficiaries
A Last Will and Testament must specify whether or not there are any beneficiaries. In other words, who will benefit from the estate? Another question that arises is, how will they benefit, that is what are they entitled to, for instance A to be awarded 50% shares in Kanokanga (Pvt) Ltd, B to be awarded 515 Kanokanga News, Northside, Harare etc.
Acceptance of a benefit under a will, generally referred to as ‘adiation’, is the act of a beneficiary in signifying his intention to take the benefit. A beneficiary is not obliged to accept a benefit under a will, for if he does accept the benefit he incurs any liability which may be involved in it.
Funeral Arrangements
It is not a requirement of law that a Will contain details of funeral arrangements, however in order to avoid potential challenges upon death, it is advisable for a testator to include information on whether they want to be buried or cremated, and where they would like to be either buried or cremated?
Additional Things That Can Be Inserted into a Will
In addition to the above, a testator may in his or her will also:
More so, a testator may further release a debtor from a debt.
Testamentary Trust
The testator may in his or her Will also create a Testamentary trust to be created upon their death and to be managed by trustees. Information to be included in the Will, would include details of the proposed Trustees and proposed beneficiaries of the trust. If there are specific funds, or a specific purpose that the Trust is meant to play, this should also be specified.
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