What is a will? This subject is one that all of us tend to conveniently overlook. It is a necessary task which need not be morbid. A will is a very simple way to ensure that your funds, property and personal effects will be distributed after your death according to your wishes.
A will is a legal document designating the transfer of your property and assets after you die. Usually, wills can be written by any person over the age of 18 who is mentally capable, commonly stated as "being of sound mind and body."
Without a will to indicate your wishes, the court steps in and distributes your property according to the law. Wills are not just for the rich; the amount of property you have is irrelevant. A will ensures that what assets you do have will be given to family members or other beneficiaries you designate.
Part of the purpose of writing a will is to name an executor. An executor is the person who oversees the distribution of your assets in accordance with your will. Most people choose their spouse, an adult child, a relative, a friend, a trust company or an attorney to fulfil this duty
If no executor is named in a will, a probate judge will appoint one. Probate refers to the legal procedure for the orderly distribution of property in a person's estate.
Responsibilities usually undertaken by an executor include:
Paying valid creditors
Paying taxes
Notifying companies and other agencies of the death
Cancelling credit cards, magazine subscriptions etc.
Distributing assets according to the will
Here are the basic elements generally included in a will:
Your name and place of residence
A brief description of your assets
Names of spouse, children and other beneficiaries, such as charities or friends
Alternate beneficiaries, in the event a beneficiary dies before you do
Specific gifts, such as a car or house
Establishment of trusts, if desired
Cancellation of debts owed to you, if desired
Name of an executor to manage the estate
Your signature
Witnesses' signatures
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About the Author
John Mussi is the founder of Direct Online Loans who help UK homeowners find the best available loans via the www.directonlineloans.co.uk website.