Life can be uncertain and that is why being prepared for things like a will is important. But, what is a will and why do you need it?
According to the Legal Dictionary, a will is a written document which leaves the estate of the person who signed the will to named persons or entities (beneficiaries, legatees, divisees) including portions or percentages of the estate, specific gifts, creation of trusts for management and future distribution of all or a portion of the estate (a testamentary trust).
It is important to have a will so that all of your assets can be assigned to a party that you have chosen, such as your children. This can be beyond things such as money or possessions. If you do not have a will, when you die, your assets will undergo the law of intestate succession. Having a will means that you can have requests that you would like adhered to once you die.
It is also important to note that your will should be dated correctly to avoid any problems that may arise if there are different versions of the will.
It is recommended to approach an attorney to draw up your will. This will ensure that the testator’s wishes are met with what he/she has stated in the will. Ensure that all that is stated in the will is clear for the receiving parties, hiring a good executor will be helpful in this regard.
Two witnesses are required to sign the will. These witnesses cannot be beneficiaries listed in the will.
It is also wise to update your will regularly, at least once every year.
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