WHY WILLS ARE
IMPORTANT
Experts agree that wills are
important for all adults, even those without considerable assets According to Experts,
the whole purpose of a will is to tell a court how to distribute your assets in
a special proceeding called probate. The purpose of probate is to give a public
notice of death and allow creditors to file claims against the estate. Whatever
is left after the creditors are paid goes to the beneficiaries. In the absence
of a will, the particular state’s laws of succession direct how property gets
distributed.
“A personal will supplants an
estate plan prepared by the government, and it can do many things the
government can’t,” says Experts.
This includes appointing a person
you trust to fulfil your wishes, dividing your assets according to your wishes
(not the dictates of a statute), designating a preferred heir, including a
church or charity, and defining the time periods for the disposition of your
assets. What’s more, says Experts, “a well-considered will might answer
questions that your heirs might otherwise have.”
A
will can also alleviate certain stresses and conflicts that may arise between
family and friends after a loved one passes—regardless of his or her age.
“Family members often have
different opinions about how assets should be distributed and disposed of, and
a will can keep the family out of court and allow the estate to settle sooner
rather than later,” says Forrest. “A will can also make it easy for your family
to identify the location of assets if you have an inventory of assets in your
estate plan.”
To be sure, younger Americans tend
to have fewer assets than their older counterparts, which feeds into the false
impression that a will is only needed for those with substantial wealth or
complex finances. In fact, the survey found that 29 percent of those without a
will said it was because they “don’t have enough assets to leave anyone.” This,
however, misses a key component of a will, says Experts.
“All people should have a will
regardless of age or assets because a will lives on every day from the moment
it is created. Quite often facts and circumstances change over time and a
person with no assets to bequeath today may have assets tomorrow,” says Experts.
“Similarly, a will created when a person is younger lives on as a person age
unless a new will is executed. A will creates certainty and guidance.”
The bottom line, says Fleet, is
that any assets at all should necessitate a will or living trust.
“Wills are not only for the
elderly or the rich and famous,” says Fleet. “If you own so much as a car, or
you have any kind of life insurance policy, you need a will. Period. Lack of a
will or a trust will all but certainly result in legal and financial
entanglements afterward—and that is something that no one should leave behind
for their loved ones.”
Is
estate planning expensive or complicated? The short answer is that the
complexity and cost of setting up a will or living trust depends on how complex
your circumstances and assets are. But generally speaking, a qualified lawyer
can draft a simple will—along with a power of attorney.
“The
expense and complexity depend entirely on the size of the estate and the assets
involved, as well as the number of inheritors and their ages,” says Fleet.
“Estate planning for someone who’s never been married and has no minor-aged
children will be less expensive—or in some cases, free—than it will be for
someone with substantial assets and holdings, a business, several inheritors,
and minor children who will need a trustee.”
What is a Will?
While the word will is a common
term in English meaning the desire to do something, in legal terms, it is a
document that dictates how property and other assets may be distributed after
the death of the executor of the will. It works as the only legal paper that
decides who someone’s heirs are and how much each person will get. It turns
operational only after the death of the executor and cannot be used against him
or her while they are alive.
Wills are of two types : (A) Privileged & (B) Unprivileged
A.
Unprivileged wills may be executed by anyone except soldiers
engaged in war. They must follow the following rules:
1.
The will must be signed by the testator. The testator may also
direct someone else to sign the will in his or her presence.
2.
The signature is required to give effect to the will.
3.
It should be attested by two or more witnesses who have seen the
sign being put on the will.
4.
No unique form of attestation is necessary.
B.
A privileged will applies to soldiers, seamen, and officers in the
air force. The rules for this particular will are as follows:
1. The
will must be written in the testator’s hand and in such a case, it does not
require attestation.
2.
It may also be written by someone else, but in that case, it must
be signed by the testator even if it isn’t attested.
3.
If written by someone else, it must be proved that the writing was
under as per the instructions of the testator if it is not signed by him or
her.
4.
If the armed forces personnel had written down instructions but
could not register the same as a will, then these instructions may be considered
to be his legal will.
5.
A will of mouth becomes null one month after the testator makes a
privileged will.
The
one who makes the will is known as either a testator or testatrix depending on
their gender while the one who gets products listed in the will is known as a
beneficiary. Writing a will makes it easier for your heirs to distribute the
property once you have passed away as it saves them legal trouble. It also
prevents disputes and allows for the passing of impartial judgement as per the
testator’s wish. While natural heirs have a claim over the testator’s assets,
he or she can choose to bypass them by explaining clearly in he will why he or
she decided to do so, to prevent challenging and disputes later on after the
death of the testator.
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