Incredible Lessons I’ve Learned About Planning
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.
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. In order to determine what is right for you, you need an understanding of wills which are given below.
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.
In a will are the names of the beneficiaries who can be 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. 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. The guardian may or may not manage the assets that the children inherited until they are 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 role and responsibilities of an executor are very important. This is one responsibility that takes a lot of your time to do.
In order to create a will, there are requirements that must be met. 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.