What is a Will and What is Contained in Them?
Many people who are near death will often think about what will happen to their estate when they die. They want to know what will happen to their properties, if their children will receive their properties automatically, if other family members will have access to their property, what will happen to their children, and more questions pertaining to the state their families and their properties will be in after they have departed from this life.
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 which contains specific instructions given by the one who made it, the testator, that needs to be carried out after he dies. Upon the death of the testator, the document becomes binding. In this will he gives specific instructions on how his assets, his money and property, are to be distributed and the will can also include the name of a guardian whom he chooses to care for his minor children.
In a will are the names of the beneficiaries who can be family members, friends, spouse, domestic partner, charitable institutions and others. The testator indicates in the will the specific asset that will be given to specific individuals. The testator may list specific gifts, such as jewelry, other personal property, real property, or a certain sum of money, to certain beneficiaries and may also provide instructions on what should be done with all remaining assets that the will does not dispose of by specific gift.
The guardian for minor children is also named in a will. The guardian is responsible to take personal care of the children who are under 18 years old in the absence of the children’s other parent by death or for other reasons. The testator may name a guardian who may or may not be the same person to be responsible for managing any asses given to the child until he is 18 years old.
The will also contains the name of an executor. There are many responsibilities given to an executor including collecting and managing the testator’s assets, pay his debts, expenses, and taxes that might be due, and distribute the assets to beneficiaries according to the instructions in the will with the court’s approval.
The executor has very important roles and responsibilities. It can be a job that is time-consuming.
A will is to be created with the requirements in mind. In order to form a formal will, the following must be met. The signature of the testator should be in the will or if he can no longer sing, somebody else should sign for him in his presence. A will must be signed by at least two persons each of whom were present at the same time the will was sign by the testator or when the testator acknowledged his signature on the will, and understand that the instrument they are witnessing is the testator’s will.