Executor ~ You must have at least 1 and a maximum of 4 executors named in your will. If there are minor beneficiaries, who are below the age of 18 years named in your will, you must name at least 2 executors. The executor need not be a beneficiary but should be at least 21 years old and must have the willingness and capability to act as an executor. If you have difficulties in appointing an executor, you can always consider the Trust Corporations. You may also state in your will that the executors are also to act as trustee to hold any assets or invest or use any money for the benefit of the minor beneficiaries named in your will.
Rewrite ~ You should review your will regularly. You may change your will at any time and from time to time during your lifetime. It is advisable to review your will if any of the following happen to you....
- Change of marital status (married, divorced)
- Change of your executor status (migrate, death, relationship breakdown, incapacity, bankrupt)
- Change of your guardian status (migrate, death, relationship breakdown, incapacity, bankrupt)
- Change of mind with regards to your beneficiaries (children reach the age 21, different beneficiaries)
- Change of your witnesses status (migrate, death relationship breakdown, incapacity)
- New family member (new born child)
- Substantial increase of wealth (started a business, purchased properties)
However, you should never attempt to change your will by deleting words or adding words in or by attaching anything to it. If you do, your will becomes ineffective or invalid unless the changes are properly made.
Under the Wills Act 1959, no obliteration, interlineation or other alteration made in a will, after its execution, is valid or has any effect except so far as the words or effect of the will before the alteration are not apparent, unless the alteration or a memorandum referring to the alteration and written on the will, is executed in the manner in which a will is required to be executed.
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