Basic Information About Wills
People who own properties and money often think of what will happen to these assets when they depart from this world. 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.
It is important to know basic things to be able to make important decisions regarding the issues state above. Below we will try to understand what will are and this may help you determine what is right for you.
The legal document that contains instructions that need to be carried out after the one who created it, the testator, dies, is called a will. Upon the death of the testator, the document becomes binding. The contents of the will include the distribution of assets in terms of money and property, and it can also provide a choice of guardians to care for minor children.
The will names the people who will benefit from his assets which can include his immediately 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. Gifts like jewelry,personal properties, real properties or a certain amount of money can be given to specific individuals and for other assets that do not classify as gifts, there will be instructions on what to do with those assets also.
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.
An executor is also named in the will. An executor is a person or institution to collect and manage his assets, pay any debts, expenses and taxes that might be due, and with the court’s approval, distribute assets to beneficiaries according to the instruction in the will.
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. Here are the things to be met to be able to form a formal will. The will should have the signature of the testator or he can assign somebody else 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.