By: Anne Marie Thompson, Attorney-at-Law, Former Labour Commissioner
In life, we are certain of two things: taxes and death. Opps! There is no escaping one or the other.
We pay GST, income tax, property tax, airport tax, hotel tax, environment tax and the list goes on and on. Whether you are in Belize or outside of Belize, taxes find us everywhere. And just like taxes, death comes for us all. Every person born will die. Yes, it is a bit spooky, unpleasant and morbid, but when it comes to death, there is no exemption or loophole to escape it. So, I ask you: if you cannot escape death, why risk leaving your family and loved ones to face chaos, heartbreak, and poverty after you’re gone?
Nowadays, it is common to hear heart-wrenching stories about a family mash up over “dead-lef.” Brothers and sisters who were once close and happy suddenly end up in court, fighting over Mama or Papa “dead lef”. Resentment builds. Relationships are shattered beyond repair. In the end, nobody wins. Litigation is expensive, lengthy, adversarial and stressful. Private matters are aired in public. Property meant to benefit generations is sold. All of this could have been avoided if Mama or Papa had left a will. But you can personally break this vicious cycle. Make a will today, and ensure that after your death, there is wealth, peace, protection, and no drama. So, will you, or will you not?
A will is a legal document you make while you are alive. It states who will inherit your property (including land and buildings), money, furniture, vehicles, boats, personal tools and other belongings after your death. If there are children or dependents, your will should state the names of their guardians. A will should also state the name of a trusted person (Executor) who will carry out the instructions of your will after your death. A will usually include instructions for funeral arrangements.
Under the law, all wills must be signed and witnessed to be valid. For those persons you select to witness the signing of your will, ensure that they are trustworthy and that they will be available or can be easily located when the time comes to swear that when you made your will, you were of sound mind. This is very important to avoid legal challenges relating to your mental capacity.
To ensure that your will is properly drafted, legally valid, and easily enforceable, it is advisable to have it prepared and registered with the assistance of an Attorney-at-Law, especially where there are wills affecting land or rights in land. Don’t forget, especially if you are in law enforcement, it is very important to keep your will updated as your life changes. If you have more than one, only the most recent will is considered legally valid.
Do you know that if you die without a will, all of your property and assets will legally go to the Chief Justice, on behalf of the Court? This does not mean that the Chief Justice personally takes your property and assets for herself. Simply put, your property and assets will be held in trust by the Chief Justice until someone is officially authorized by the Court to manage them. By so doing, no one will be able to inherit or dispose of your property and assets before the court authorizes administration. Even though there will be some delay, this course of action is intended to protect your children, dependents, relatives and creditors who may have legal claims.
When you make a will, you are basically giving instructions as to how your property and assets should be distributed after your death. However, if there is no will, the law provides mandatory (statutory) instructions. These instructions clearly specifying exactly who gets what share of your property and assets. However, they may not reflect your wishes. Making a will is the only way to reflect your wishes and control how your property and assets should actually be distributed after your death.
Making a will in itself cannot hasten or bring death any closer, despite what some our older relatives believe. In fact, what is true is that making a will is one sure way of lifting us out of poverty and creating wealth for our children and their children. For a moment, let us think about it. If your Mama or Papa made a valid will and you inherited land or buildings through it, you could consider farming the land or utilizing those buildings to generate income by leasing or renting them out, and using the funds received to pay for your children’s university education. If you inherited money under a valid will, after doing your due diligence, you could also consider investing or starting a business. Additionally, after consulting with a licensed financial advisor, you could consider buying or investing in assets that increase in capital value and provide income. Even modest inheritances could become stepping stones to financial stability and generational wealth. But, if there is no will, the delays, legal costs, and family disputes could easily and quickly eat away at the value of what you your Mama and Papa left behind. All their sacrifice and hard work could be in vain. Break the cycle. So, will you… or will you not?
Anne Marie Thompson
[email protected]
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