The evidence of your labor, toil, and sweat, over the years, should be well-taken care of even after you are gone. You, through a Will, have the prerogative to decide who to give your belongings to after your death. A Will (aka testament) is a legal document that states how a person wishes their property distributed after their death and which person is to manage the property until its final distribution.
The person who wishes to make the Will is known legally as the testator, and the person who manages the estate until its final distribution is the executor. While it is one of the most important documents a person possesses, many people put off the preparation of their Will until it is too late. The reasons for doing so range from age to the number of assets, or their net worth. Many believe they are too young to have a Will, while others believe that they do not have enough assets or their net worth is not enough to necessitate a Will.
What is the purpose of a Will?
Everyone who is above the age of adulthood, as stipulated by law, should have a Will. A legal help advisor will counsel that as long as you have any savings, investments, or property, you should make a Will to determine how you want them shared. In the absence of a Will, the property of the deceased is shared according to state laws and stipulations.
Types of Wills
There are different types of Wills, and you pick them dependent on how large your estate is. The types of Wills are;
· Simple Will
It allows you to state your wishes without multiple clauses or stipulations. You can appoint an executor and also designate a guardian for minors in this type of Will.
· Testamentary Trust Wills
It is also known as a Trust Under Will or a Will Trust, and it is written inside a Will. Some of the stipulations can be set up while you are still living, but the actual trust comes into play after your passing. Testamentary Trust is often used when the beneficiaries are to be cared for an extended period—for example, in the case of minors.
· Joint Wills
It is similar to a Mutual Will, but it has just one document. It is used in situations where you want someone, say your wife, to be the initial beneficiary, and others, say the children, to be the final beneficiaries of the Will. As long as both parties to the Will are living, it can be altered, but if one is dead, then the Will is irrevocable.
Other types of Wills are the deathbed Wills, the holographic Wills, the nuncupative Wills, and the online Wills. You can engage the services of LawDepot in setting up your Will or other reliable legal companies. A Will states, clearly, how you want your property shared and to whom. You must take this step to avoid problems over your properties after you are long gone.