Creating a will is one of the most crucial tasks when you are worried about your health and want to make sure your loved ones are compensated after you are gone. It gives you insight on who is important to you the most. Everything you need to know about wills is listed down below:
What is a Will?
A will is a legal document that fulfils a person’s wishes about the division of his/her wealth and belongings among family member after the death of that person. The division may be done through executor or legal process.
Why is it important?
Wills are important to prepare because they provide all the guidance on what should be given to whom after you are gone. Some people include the details about their funerals in their will. It assist and makes things easier for the family to carry out funeral. The process of will ensures that assets will be divided justly among your children. It provides a sense of peace and fulfilment when a thorough will be there to distribute your possessions.
How to make a will?
You can write your own will or hire a professional like an attorney or lawyer to draft your will for you. After writing your will, you need to find witnesses to sign it so that some kind of proof is there for legal proceedings. A witness must be 18 years of age or more than it so that he or she could appear in any legal dealings and understand them as well.
What happens if you don’t prepare a will?
die without being able to write a will due to which their property and assets
are divided among their families according to inheritance laws of the residing
country. A person would become inestate if he or she leave the world without
preparing a will. It means that the intestacy laws will determine how your
assets will be distributed.
According to intestacy laws, the property of unmarried and dead person is divided among his or her parents while the assets of married dead person will be divided among his or her spouse and children.
What are the types of Wills?
Living Will: It is not the final will. Living wills contains your last wishes that you want to fulfill before death. They are prepared when a person is at the last stage of severe diseases or medical treatment and he or she is not able to speak for himself or herself.
Joint Will:It iscreated by two people who share things together, like wife and husband. In joint will, the other person would get everything if one of them is died.