A will provides information about the transfer of property, ornaments or land, from the testator to his beneficiaries, after his death. Everyone, regardless of age, needs a will. Without a will people wouldnt know where their assets would go. Writing a will is one of the most important things an individual can do in his or her lifetime. There are intestacy laws for those who do not make a will. But it is wise that the transfer of property be made in accordance with the deceased's wishes, as expressed in the will. A high proportion of adults own assets in the form of houses, cars, shares and insurance policies. A person who makes a will is called a testator. Testators have the option of framing their own will or engage the services of an attorney. Prior to framing a will, a testators objectives must be clear. An inventory of assets helps in estimating outstanding debts. A list of family members and other beneficiaries must be prepared. Testators must plan on passing their property to their heirs in the most tax-efficient manner. They may also establish a trust to provide monetary assistance to their spouse or other beneficiaries. A witness is required to sign a copy of the will. The witness must not be a beneficiary of the will. Once the will is written, it should be stored in a safe place that is accessible to others after death. If a solicitor prepares the will, he should be given a copy with a note stating where the original copy could be found. The death of a family member is something people wouldnt like to foresee. However, since death is inevitable, taking practical steps like making a will, secures the future of family members. |
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