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. 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.
If you are to make important decisions regarding your estate and the state of your family after you die, it is important to first know the basic things to be able to make the right decisions. Below we will try to understand what will are and this may help you determine what is right for you.
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 assets are received by the beneficiaries according to the instructions of the testator. He can also assign gifs like jewelry, personal property, real property , or money to certain beneficiaries and he may also give instructions on what should be done with the reaming assets that does not fall under gifts.
A will also names a guardian for minor children. 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. 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.
The will also contains the name of an executor. The job of an executor is to collect and manage his assets, pay his debts, expenses, and taxes that may be due, and with the approval of the court, he is to distribute the assets to beneficiaries according to the instructions written in the will.
The executor has very important roles and responsibilities. This is one responsibility that takes a lot of your time to do.
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. The two other signatories are witnesses to the signing of the testator and that they are fully aware that they are signing his will.