The last thought on your mind when you are getting married is preparing a Will, but as marriage is about the future so is providing for your spouse in any eventuality.

Who considers a Will when there is a wedding on the go? You think about the happy years you will spend together and all the memories you will build. But life will never let you into its little secret about what is going to happen next, so preparing for your partner`s security in the event of death is just one of the ways that you can manage that future.

How, when and why?
When you get married, your legal status changes and there are certain responsibilities best dealt with early on. Not only should you be satisfied that your spouse will be provided for, should you die, but the implications of dying `Intestate` (without a Will) needs to be avoided.

Do bear in mind that at every point in your life where your `status` changes, so too must your Will (for example, when you have children, or happen to divorce). The best time to draw up a Will is after the marriage date, and a mutual Will or two single Wills can be drafted.

Appointing an Executor
An Executor is the person responsible for seeing to the administrative task of winding up your estate. He or she is entitled to 3.5% of the gross value of your estate, and in most cases, if a lay person is appointed as Executor, the assistance of an attorney is sought as the procedure can get complicated. It is important to bear in mind, when choosing an Executor, that this person is trustworthy and diligent. It is also possible to appoint more than one Executor to administer your estate.

Legacies
If you want to leave specific items to specific people, you can provide for this in the Will. A legacy is the term for a specific item and the Testator (you) has the option to leave specific sums of money or articles to relatives, friends or a charity.

Heirs
After providing for legacies, the Testator leaves the residue of his or her estate to heirs. These heirs should be clearly described in the Will. Every possibility should also be examined. What if husband and wife die simultaneously? In addition, if there should be children born of the marriage, who should be the guardian of the children should simultaneous death occur?

Trust funds
Where children are concerned, it`s an option to create a testamentary trust within the Will which basically says that should an heir be under the age of 21, then a trustee is appointed to administer the funds in a way that he or she deems fit. Until the heir reaches the age of 21 or over, the trustee would then have control of the funds. This is a personal decision however and would depend on individual facts.

What about marital regime?
Death and your marital regime are closely linked when it comes to legalities. If your spouse, for instance, does not leave everything to you, what is your legal position? The following is the outcome of a regime where a couple is married `in community of property` with an `antenuptial contract` (with the accrual system):

Joe and Ann were married, however, the marriage was not a happy one. Unfortunately upon Joe`s death, he leaves everything to the local SPCA. What does Ann do now and what do all the terms of her marriage regime mean with respect to the Will?

In community of property
The Executor will examine the value of the joint estate as at the date of Joe`s death and Ann should be entitled to half of the value. Even though Ann may never have contributed equally, the Executor will pay to Ann her share, and will then distribute the balance to the SPCA.

Antenuptial contract
The situation changes to a large degree as Ann now has no right to claim any of Joe`s property and would only be entitled to her initial contribution, if one was made.

Antenuptial contract (with the accrual system)
On Joe`s death, Ann does acquire a certain right to his property. The `accrual` is the extent to which the husband and wife have each become richer at the end of the marriage, compared with their respective financial positions on their wedding day.

The spouse with the smaller accrual has a claim against the one with the greater accrual for half the difference between the two accruals. When the accrual is calculated, the value of the estate as at the date of the marriage will be adjusted by the weighted average of the Consumer Price Index so as to be valued as at the date of death. (Note: certain property, which was excluded at the drawing up of the antenuptial contract, cannot be considered when calculating the accrual.)

If you have any questions or need advice about drawing up a Will, it is wise to contact a reputable attorney, experienced in dealing with these matters.

Article source: LifeWorld