Many people who are near death will often think about what will happen to their estate when they die. These people have a lot of questions in their minds about their property, his children receiving the property, other family members having access to his property, his children’s future, and many other questions that have something to do with his family and his estate after he has died.
If you are to make important decisions regarding your estate and the state of your family after you die, it is important to first know the basic things to be able to make the right decisions. In order to determine what is right for you, you need an understanding of wills which are given below.
A will is a legal document that gives certain instructions to be carried out after the creator of the will, called the Testator, dies. This document becomes irrevocable after upon death. In this will he gives specific instructions on how his assets, his money and property, are to be distributed and the will can also include the name of a guardian whom he chooses to care for his minor children.
In a will are the names of the beneficiaries who can be family members, friends, spouse, domestic partner, charitable institutions and others. The assets are received by the beneficiaries according to the instructions of the testator. Gifts like jewelry,personal properties, real properties or a certain amount of money can be given to specific individuals and for other assets that do not classify as gifts, there will be instructions on what to do with those assets also.
A will also names a guardian for minor children. If the testator is the last surviving parent of children under 18, then the guardian will give personal care to them. The guardian may or may not manage the assets that the children inherited until they are 18 years old.
A will also names an executor. The job of an executor is to collect and manage his assets, pay his debts, expenses, and taxes that may be due, and with the approval of the court, he is to distribute the assets to beneficiaries according to the instructions written in the will.
The role and responsibilities of an executor are very important. You need time to do everything that an executor is responsible to do.
A will is to be created with the requirements in mind. In order to form a formal will, the following must be met. The will should have the signature of the testator or he can assign somebody else to sign for him in his presence. There shall also be two other signature of those who have witnesses the signing and who know the they are signing the testator’s will.