Finding Similarities Between Planning and Life
People who own properties and money often think of what will happen to these assets when they depart from this world. 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 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 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.
The guardian for minor children is also named in a will. 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.
A will also names 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 role and responsibilities of an executor are very important. You need time to do everything that an executor is responsible to do.
In order to create a will, there are requirements that must be met. Here are the things to be met to be able to form a formal will. 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.