What is a will
A will can be described as a legal document that declares the intentions of the person creating the will (testator) who wishes to distribute their wealth to nominated individuals. A will comes into existence on the death of the testator and generally includes property and other assets owned by the testator which will then be transferred to the relevant beneficiaries. For professional guidance on how to create a will and why a will is beneficial to create, it is advised that you enlist the assistance of a professional consultancy firm or qualified lawyer to support you.
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Characteristics of a Will explained
A will, as previously mentioned is a legal and official document that describes how the testators wealth will be distributed on his/her death. A will does not only include the distribution of assets but it can include instructions to be given to nominated individuals on the testators death such as, nominated guardians for the testators minor children in the event of his/her death.
The are a number of different types of wills including;
- Self-Proving/Testamentary Will
- Oral Will
- Living Will
- Holographic Will
A lawful and valid will requires a signature from the testator and clear instructors to how their wealth should be distributed and to whom. A witness must also sign the will and the will should be dated.
A will is a necessary document to ensure your wishes are carried out as you expected after your death. Depending on your country of domicile it is important to ensure you are fully aware of the type of will to create and the rights and obligations of having a will. A will can only be regarded as valid and thus the actions of the will carried out where the will is signed and the testator was of sound mind when creating the will.
The Executor is the person charged with the responsibility of ensuring the wishes listed in your will are met in the event of your death. The Executor of your will can be a person selected by you and it is important to select someone you trust.
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