When drafting your Will, the first question you must ask yourself is why should I make a Will.
The answer is simple - peace of mind.
Peace of mind that your loved ones will be provided for after your passing away.
Peace of mind that the relevant trusts and guardianship issues are provided for.
This is the fundamental reason that most people make a Will.
You can make a Will as many times as you want.
Each subsequent Will you draft and sign and have witnessed properly extinguishes your previous Will deeming it to be null and void.
A beneficiary is the person who will benefit from your Will.
You can have any number of beneficiaries.
Normally, they will be your children and partner.
A beneficiary can also be a charity (Hollywood movies have been based on this - think of the scene where the billionaire leaves everything for the care of his cat).
If you live in a common law jurisdiction such as the United Kingdom or Ireland, then you are obliged by Law to provide for your spouse and children either during your lifetime or else in your Will.
If you fail to do so, then your spouse can choose to elect his / her share and your children have a right to take an action to contest your Will in Court.
Therefore, to avoid expensive litigation, it is very important to ensure your Will is drafted correctly.
For a Will to be valid you must ensure that it complies with certain formalities.
Firstly, you must nominate an Executor who will ensure that your Will is administered properly and in accordance with your wishes after your death.
This includes how you wish to be buried and ensuring your affairs are in order before you divide the remainder of your wealth.
The Executor can be anyone you want including a beneficiary and is the person you trust to ensure that everything is looked after.
This includes liasing with the Notary / Lawyer to ensure that a sufficient Grant of Probate has been taken out and ensuring that your estate is tax compliant.
Often your Executor will employ a Notaire / Lawyer to act on his behalf in administrating your Estate.
After you appoint an Executor, the second step is the fun part, leaving the gifts to whomsoever you choose.
Each gift or bequest is called a special bequest and usually includes sums of money, items of jewellery and other prized possessions and possessions of sentimental value.
The final part of the Will is then drafted.
This is called the residue clause which is a specific paragraph which leaves or divides the remainder of your property to whomsoever and howsoever you choose (within the legislative requirements to provide adequately for those closest to you).
Finally your drafted Will must be signed by you, in the presence of two independent witnesses.
The witnesses must not be beneficiaries for the Law presumes that they would have an impact on your decision when the Will is a personal matter.
This is a protection on you the Testator - the person making your Will.
So if you have a beneficiary witnessing your Will, then the Will will be invalid and unenforceable.