Be The Author Of Your Legacy
It goes without saying that protecting your family and loved ones is key. One way in which this can be done is ensuring your Last Will and Testament (“Will”) is legally prepared. A Will is a legal document which expresses your wishes of how your assets should be distributed at the time of death. Based on my legal experience in this field, I have seen that having a Will is beneficial in two ways : it is beneficial for the person making it (“Testator”) and for the family of the Testator.
Testator benefits
You can plan for your assets. Having a Will allows you to ensure that your assets are distributed exactly as how you wish. This means, you are the author of your legacy, in which, you can decide who receives your precious asset in their name. The receiver of your asset is called a beneficiary.
You can choose your executor/trustee. In addition, having a Will allows you to decide who will oversee and manage the process of distributing the assets to the beneficiary(s) by appointing an Executor and/or Trustee. This means, you are the author of your legacy, in which, you decide who is a trustworthy and impartial person to honour the terms of your Will.
You can provide for your children. Protecting your assets not only means your real estate and personal assets, but most importantly, your children. In the event you have minor children, a Will is a document in which you can appoint a guardian for your minor children (especially in the death of both parents), until the children become adults. In this manner, you are the author of your legacy, in which, you can decide who will protect and care for your children in the event of your death.
You can plan for personal matters. Upon death, you may have specific wishes from your funeral and burial to pet care that you may not have shared prior to your death. Having a Will allows you to specify all your wishes in relation to this which can reduce the stress for your family. In this manner, you are the author of your legacy, in which, you can decide how celebratory your funeral should be, what type of service you wish for and how your body will be treated in the way you specifically desire (burial vs cremation).
Testator Family benefits
Undoubtedly with a Will, confusion and family disagreements during an emotionally difficult time can be significantly reduced and even prevented. In addition, the time in which the assets can be transferred to the beneficiary will take a relatively shorter time in the absence of disagreements. Failing to have a Will means that the law will decide who receives your assets and how your assets are distributed. In this instance, you are prevented from being the author of your legacy and benefiting from advantages listed above.
Enforceability
Having a Will is an asset in and of itself. Therefore it is important that your Original Will is left in the capable and competent care of your appointed Executor or trusted family member with a copy to your Attorney or visa versa. This prevents multiple versions of Wills arising from different family members. A Will can be always be amended and revoked, once the proper documentation is there to support this.
A Will must be VALID under the Jamaican Laws in order to benefit from the advantages above and contacting an experienced Attorney-at-Law at Ramsay & Partners to assist you, is the best way to ensure your wishes are enforceable. If you would like to discuss your Will preparation, call our office at 876-906-2616 or fill out a contact form online to schedule a consultation.
Chantelle Biersay is an Associate at Ramsay & Partners and a member of the firm’s Transactional Department and Real Estate Department.