A Will is a written document, containing your direction for disposing of your property after your death. Will is a legal declaration of the intention of a testator with respect to his property, which he desires to be carried into effect after his death. It is revocable during his life. Thus, a Will can be changed by the executants as and when he so likes. It is a secret and confidential document which the executant is never ordered to produce.
Wills are always effective after death, never in the life time of the testator. The Will controls only property in your individual name. Property held jointly with another person will pass to them at your death. Life insurance proceeds and retirement benefits will pass to the named beneficiary. Although Wills are usually made for disposing property, they can also be made for appointing executors, for creating trusts and for appointing testamentary guardians of minor children
When a person dies without having made a Will, he is said to have died intestate and his property will be inherited by legal heirs in accordance with the laws of inheritance applicable to him. His property is then inherited by his legal heirs in accordance with the law of inheritance applicable to him. It must be noted here that legal heirs generally include close family members such as oneâ€™s spouse, children, parents, brothers and sisters.
You must be 18 years of age or more and of sound mind when you sign the Will. If you know the extent of your assets and the â€œnatural objects of your affectionâ€ then, you are deemed to be of sound mind.
The Will must be witnessed by two persons who are not beneficiaries under the Will. They must see you sign the Will or they must hear you say it is your signature. These formalities must be carefully followed. Otherwise, the Will might be challenged.
It is important for each individual to take the time to create a final will and testament. This important document is vital to protecting your family and your assets in the event of an untimely death.
â€¢ Creating a will is absolutely essential when there are minor children involved. A will lets you specify who will be the guardian of your minor children. By having a will you make your wishes clear and relieve your children of this type of uncertainty.
â€¢ Having a will is a great way to head off family disputes and prevent legal battles down the road. While creating a will you can specify which assets are to be passed on and to whom, thereby heading off these kinds of disputes before they can cause any damage.
â€¢ A will lets you specify how your assets are to be distributed. Wills give testators the ability to choose what happens to their property, instead of leaving it up to the state to make these decisions. The proper distribution of assets is an important part of your legacy, so make sure your legacy is protected by a will.
â€¢ Having a will in place is a great way to protect your family home or business & make the legal process go much more smoothly.
We at Taxmantra.com have the expertise in handling complicated individual taxation issues. Do contact us immediately; we are here to help in solving all your tax issues.