Basic Information About Wills
There are many questions that people often ask when they think about what will happen when they die. These people have a lot of questions in their minds about their property, his children receiving the property, other family members having access to his property, his children’s future, and many other questions that have something to do with his family and his estate after he has died.
Knowing the basics is important in order to make proper decisions regarding your estate and your family. In order to determine what is right for you, you need an understanding of wills which are given below.
A will is a legal document that gives certain instructions to be carried out after the creator of the will, called the Testator, dies. This document becomes irrevocable after upon death. The contents of the will include the distribution of assets in terms of money and property, and it can also provide a choice of guardians to care for minor children.
The immediately family, spouse, friends, domestic partners, charitable institutions and other can be named as beneficiaries in his will. According to the instructions of the testator’s will, beneficiaries receive assets. Gifts like jewelry,personal properties, real properties or a certain amount of money can be given to specific individuals and for other assets that do not classify as gifts, there will be instructions on what to do with those assets also.
A will also names a guardian for minor children. If the testator is the last surviving parent of children under 18, then the guardian will give personal care to them. This guardian named by the testator may or may not be responsible for handling the assets given to the children until they reach 18 years old.
An executor is also named in the will. An executor is a person or institution to collect and manage his assets, pay any debts, expenses and taxes that might be due, and with the court’s approval, distribute assets to beneficiaries according to the instruction in the will.
An executor is very important during the reading of the will since he will be the one everyone will look up to when it comes to the things written therein. It can be a job that is time-consuming.
There are requirements that must be met when creating a will. Here are the things to be met to be able to form a formal will. The testator must sign the will or direct another to sign for him in his presence. There shall also be two other signature of those who have witnesses the signing and who know the they are signing the testator’s will.