A will is a legal document that is written to guarantee that the money and belongings of the testator are left to people or organizations desired by him. Without a will, the estate can be subject to many problems. Relatives may also dispute over property, leading to lengthy court proceedings. In the eyes of law, a will or testament is a document by which a person or the testator regulates the rights of others over his property or family after death. In a strict sense, a will is a general term, while testament applies only to dispositions of personal property. A will is also used as the instrument in a trust. A traditional will is also called a last will and testament, or a testamentary will. It is a legally binding document that defines how the testator would like his property distributed when he dies. It may also define his wishes concerning who becomes guardian over his minor children. It should be noted that letters of instruction are not legal documents. Items of personal importance or high value should only be included in a will. The person making a will is called the testator. Those specifically receiving items stated in the will are called beneficiaries. On a side note, the term "heir" actually applies to those who inherit an estate when no will exists. When a testator creates a will, he names an executor to handle all the administrative aspects of the will. The executor's primary responsibility is to ensure that the will is executed based on the wishes of the testator and that the items named in the will are correctly distributed to the beneficiaries. Wills are made up in a manner that specifies whom the assets should be distributed amongst, such as a spouse, brother or grandchild. Beyond this, a will may also provide some specific instructions about dividing up property. A will has specific requests like wanting an asset to go to a friend or having it donated to a charity. In all, a will or testament provides a legal platform to deal with property of the testator and avoid conflicts. |
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