About wills
Nobody wants to think about the possibility of death, that is, their own death. But it’s important to make sure your family and other loved ones are covered if something happens to you. If you don’t have a will, now is the time to give it some serious thought. If you have made a will and want to make changes, do so now because it will be too late to make those changes if something happens to you.
Always make sure your wishes are properly documented because the court will consider your will the final proof of your wishes regarding your assets at the time of your death. Remember: If you do not have a written will, the courts will evaluate what will happen to your assets and order the disposal of your assets in the way they deem best. The problem is that this may not be according to your wishes; so be sure to seriously consider making a will as soon as possible.
What is a will?
A will is a document that contains your instructions and wishes about how your property and assets will be distributed after your death. Anyone, of any age, should seriously consider a will as soon as possible. A will shouldn’t just be for people who have reached an age where death is not far off. People die at all ages and a will is needed, especially if you have assets and property to assign to those you want to benefit.
A will is the expression of the person’s wishes regarding how their assets will be distributed. It is a written statement, signed in compliance with the various procedures regulated by law. It is a legal document that contains the names of the people you want to benefit, as well as the details of their possessions as of the date of their death. The people you want to benefit are called beneficiaries.
Your property or possessions will include everything you own, such as your home, land, vehicles, bank accounts, insurance policy benefits, furniture, boats, investments such as stocks, personal jewelry, artwork, etc. A will is the only way you can ensure that your assets are distributed according to your wishes after your death.
What is a valid will?
A valid will is a will that is accepted by the court and enforced by the court that grants what is known as probate. Succession is the approval or acceptance by the court of how your assets will be treated.
A valid will must have the following characteristics:
- It must be in writing: handwritten, typewritten or printed.
- It must be signed with your signature at the end of the document.
- It must be witnessed by at least two other people present at the time of signing. They must acknowledge that they were present and must sign the will as witnesses in their presence. They do not need to be together at the same time they sign.
If your will is not made this way, the court may not accept it and it cannot be enforced (the courts will not enforce it). The court has the discretion to grant the succession (the succession is the confirmation that the will is valid and accepted) and your possessions can be disposed of as if you had not made a will. When the court exercises this discretion, it must be satisfied that the document clearly states how it wishes its assets to be allocated or distributed.
About completing a will
Most people know that they need to write a will before they die. Unfortunately, most people do not have a will. They don’t think about writing a will until they are over 50 years old.
Writing a will doesn’t have to be expensive. Once this is done, you can rest easy, knowing that your wishes will be fulfilled after your death. Most wills can be written quite simply. Others are more complex and involve more people, substantial assets, and cash. These wills should be discussed with attorneys who specialize in this area.
While a will is not critical if you don’t own much (for example, property for distributions), you may have personal items like jewelry, manuscripts, or trophies that you want to be left with specific people. Having a will clarifies this and saves any arguments later.
If your estate, possession, and property are valuable, you should ensure that a will clearly states your wishes and instructions. It may be inconvenient for you to establish a will while you are alive, but it could save you arguments and fights between your beneficiaries.
Why make a will?
If a person dies without making a will, the rules will apply according to the law. If you die without a will, the deadline is; has died “intestate”. If you die intestate, the court rules on how things are done, how your assets are distributed, and who would be the beneficiaries. It may not be according to your wishes, so dying intestate is not a good position when it comes to your beneficiaries.
Because most of us do not know when we are going to die, we should approach the writing of a will as if we do not have many days left on this earth. This is important because it avoids arguments between family members and beneficiaries after your death.
The following are some examples of what could happen if you died in testing. You may not be particularly happy with some of them.
- If you die without a spouse or children, but your parents survive you, your parents will generally receive all of your estate.
- If you die and are survived by a spouse, then your entire estate will generally pass to your spouse.
- If you die and are survived by a spouse and children, the estate will most likely be divided between your spouse and children, as determined by the courts. Dividing your estate between your spouse and children can cause problems for your spouse, who may have to sell a family home to pay the children’s shares.
- If you die without a spouse, children or parents, but are survived by brothers and sisters, your estate will be divided equally between those brothers and sisters.
There are several reasons why you should make a will as soon as possible.
These are:
- To protect your loved ones.
- Making a will is one of the only ways to be sure that your life’s work and assets, accumulated over the years, are passed on to the people you want. Provides security for your family and those responsible. He would spend most of his life developing his assets. These can consist of home, car, insurance, and other investment policies, etc. You’ll want those assets to go to the people you choose, rather than someone else.
- Smooth asset transfer.
- Having a will allows your assets to be transferred smoothly after your death. You need to prepare a detailed list of your assets as well as your personal goals before implementing your plan. Your final plan will involve investment advice and planning, so that there is a provision for the orderly transfer of your assets.
- To ensure the future of your children.
- If you have children (minors), you may want to appoint guardians and arrange for their maintenance and education.
- For a second marriage.
- If you are currently in your second marriage, you need a will to protect your new family members. A marriage generally invalidates any will made before the date of the marriage, so unless you have a new will that includes a reference to your new family, your new family may not get the protection you want.
- De facto relationship.
If you die without a will, your partner could lose assets and memories that are rightfully his or her own. A de facto spouse does not have an automatic claim to your estate if they die without a will. Interestingly, a divorced ex-spouse can still inherit your estate because a divorce does not automatically cancel a will.