by Webupdater 
We all know we should make a will, but it’s one of those things that many of us never seem to get round to. We keep procrastinating. In fact, it’s estimated that one in three people die without ever having made one.
Making a will now prevents a financial headache for your family when you die. But not making a will may mean chaos and financial worry for your family or dependents after you’ve gone. Without one, you can’t be sure that your money and property will be passed on according to your wishes.
If you die without a will (called dying intestate), the intestacy rules takes over your estate. This one largely depends on how fast the family can agree and decide on a successor and the probate process starts. I may not go through the process at this stage but it gets long and winding if no agreement comes forth from the supposed heirs. What will court cases and feuds, and awaiting court’s judgements.
A will that is not properly signed and witnessed is invalid. In Kenya, at least two witnesses are required. A witness does not need any special qualification or public standing but is merely witnessing your signature. However, they must not have any beneficial interest in the will as this could make the will invalid.
It is always wise to use an advocate to prepare your will just to ensure that it is valid, sufficient and is consistent.
It’s sensible to review your will every few years and consider amending it or even writing a new one if there is a change in circumstances, such as if you get married, have children or get divorced. Changes to a will can be made by codicil – an addendum to the original will – or by revoking the old will and drawing up a new one. You can revoke a will by physically destroying it. If the change is relatively simple, you can write a codicil (a supplement or appendix to a will) and get it witnessed, and keep it with your existing will. But you should not alter the original will.
If you wish to make a new will, it should begin with a clause stating that it revokes all previous wills and codicils. If the changes are complicated, such as you remarry, it is better to seek legal advice on drawing up the new will.
Most wills are made up of cash legacies, bequests and the residue. You can leave cash to relatives, friends or charities – these are usually fixed sums to named individuals. You can also bequeath your possessions (including property) and treasured objects to whoever you wish.
What’s left after all the debts, tax and fees have been paid is the ‘residue’. This can be left to one person, or it can be shared out among several individuals.
If you share ownership with a spouse or partner, your worth is half its market value, less your share of the mortgage. Property can held in two ways – either as joint tenants or tenants in common as earlier explained.
If your property is held in a joint tenancy, your half of the property will pass to the surviving joint tenant automatically.
