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Making a Last Will & Testament- Part Three

Other Things to consider

1.    A Residuary Clause

Property acquired by the testator after the will is signed will be affected since the Will takes effect upon the testator's death. To guarantee that someone benefits from this property, you must include a "catch-all" clause, known as a residuary clause, as the final paragraph. Typically, this clause starts with the phrases “all the rest and residue of my estate I give and devise to …”

 

2.         Did you know that marriage will automatically revoke a Will?

The testator's later marriage nullifies a will. It is essential that you draft and carry out a fresh will if you get married. You can alter your will whenever you want, but you have to make sure that the old one is destroyed after the new one is properly drafted


3.         What if a beneficiary of my Will dies before you?

A gift in a will usually fails or lapses if the beneficiary passes away before the testator. In such a case, the testator may draft a new will and transfer the gift to a different individual. If not, the gift will be handled in accordance with your residuary clause and become a part of your residuary estate. The Wills Act only permits an exception in cases when the deceased devisee was the testator's child, in which case the Act allows the gift to be given to the child's offspring.

These blogs are some guidelines to aid in making your Will for more information or queries, please feel free to contact us.


Making a Last Will & Testament- Part Two
Part Two