InTouch Magazine Articles Archive

Issue 20, July 2008

Things you need to know about a will

By Dr. Andonis Vassiliades.

In the previous article on “Making a Will – A Bare Necessity” in In Touch Magazine, Issue 19, we covered the reasons why a Will is essential, the legal aspects and how a Will can assist in protecting your interests, the dangers of using “off-the-shelf” poorly worded Wills and the appointment of executors. In this article we pursue the same theme by providing further insights into the legal, technical and other matters relevant to making and preserving a safe, valid and operable Will.

Understanding your own Estate
One of the gravest errors people make in preparing a Will is that they normally think they are poorer than they actually are! It is surprising what everyone may leave behind of relatively high value. A Will is as good as the information and detail it contains. The first task, therefore, is to list all personal assets and belongings which ought to include immovable property (houses, apartments, land) and movable assets such as bank accounts, pensions, investment accounts, shares, cars, antiques, house contents among others. Normally it is also important to appraise (i.e. value) your assets so that you are well prepared to meet any inheritance tax and/or estate duty, if applicable.

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