All You Need To Know About Wills
Wills are legal documents that determine the distribution and management of a deceased estate. Typically, a will gives a testator the right to decide what happens to their property after they die. If you wish to write a will, read this blog to learn more about wills.
The Legality Of The Will
Testators must ensure that their will meets the minimum legal standards. Otherwise, they are not admissible. If a will is illegal, the courts declare that the testator died in intestacy. In this case, the court divides the estate among the beneficiaries and appoints an executor to oversee the transition. As a testator, you should hire a wills and estates lawyer to ensure your will is legal. Typically, the document should have clear terms and should be signed by two witnesses simultaneously in the testator's presence. Finally, the testator should be of sound mind.
What To Include In The Will
Below are some of the things you should include in your will:
Property Division
Typically, the testator decides to distribute their assets after death. Usually, the testator starts by clearing all their estate's debts. For example, they could use cash in the bank or sell assets to offset the debts. This is a viable alternative compared to letting the lenders sell the assets used as collateral to recover their debts. When writing the will, you should consider what to do with sentimental items such as heirlooms, your ashes, books, paintings and antiques.
Execution
The executor is an individual charged with executing the will. Ideally, the executor notifies the beneficiaries of the testator's death and settles estate debts and taxes. If possible, the will should have at least two executors. This way, the second executor takes charge if the primary executor cannot perform their duties.
Guardianship
If you have children below 18 years, the courts decide where they will live if you or your spouse die. A will allows you to designate the guardianship of your kids. For example, you might decide that they should stay with a close friend or relative.
Special Instructions
In some cases, the testator might want to leave special instructions for the beneficiaries. For instance, you might want your beneficiaries to sell an asset to settle your funeral expenses. Besides, you might want your body cremated or buried in a particular plot. Finally, you might want to explain the criteria you used to share your wealth. It helps prevent wills disputes.
A will helps settle your affairs and estate after you die. Your deceased estates' lawyer will help you write the will and ensure it meets the required legal standards.