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. Questions pertaining to what will happen to his estate and to his family are always in his mind and he wants to know what will happen to them when he dies.
Knowing the basics is important in order to make proper decisions regarding your estate and your family. 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. You cannot change a person’s will after he dies, it remains irrevocable. 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.
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. 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.
When there are minor children left behind, the testator usually names a guardian for them. The guardian is to be the person responsible for the personal care of their children who are under the age of 18 if the child’s other parent died or is unavailable 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. You need time to do everything that an executor is responsible to do.
There are requirements that must be met when creating a will. If you are going to create a formal will, you need to meet the following requirements. The testator must sign the will or direct another to 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.