What is Will?
A will is a legal written and signed statement of the testator. A Will depicts the intentions of testator about the division of the property and assets. Will only takes effect after the death of the testator. The law allows that a minor can make a Will in contemplation of the marriage but it must be processed through the court. A Will must be witnessed by two independent witnesses.
Rules of intestacy
There are two ways under which the property and assets of the deceased can be distributed. Such as:
• By application of the law
• By application of the deceased wishes (Will)
If you died without making a Will then the law of the land will apply and your assets will be divided in accordance with spirit of the law. If you make a Will; your intention will be prevail over the spirit of the law of intestacy. You can give your property to anyone to whom you like most. You can decide the share of you children in your Will. Your Will can minimize the legal disputes between your off springs. Your Will can unite your family after your death.
A will provides the opportunity to the testator to decide the fate of the property and assets. A will stops the rules of intestacy.
Importance of a Will
A will is important that your property will be distributed in accordance with your wishes. A Will give you the chance to decide who will inherent what and who will get nothing. You must keep your Will at the safe place.
Who should be your executor?
Your executor must know about his legal duties and must be manage the affairs of your estate. Acting as executor can be demanding, requiring an understanding of complex legal, financial, accounting and taxation matters. The executor must be of sound mind. The responsibility of the executor includes:
• Locating the Will
• Providing the Will in court;
• Discharging debts; distributing and transferring the assets in accordance with your Will.
• If you choose an executor who is less than able, or who dies before you, this may unduly complicate the administration of your estate.
Changes in a Will
You should change the Will after change in your personal circumstances. You can change your will at any time and law does not impose any limitation on this. It is advisable that you must update the Will after divorce, marriage or if you are living in a defected relationship. If your personal circumstances change e.g. you become married or divorced, have children, travel or acquire new assets, you are advised to make changes to your Will. If you get married, the existing Wills of both parties are automatically revoked, unless made in contemplation of marriage.
Affect of marriage or divorce on Will
It is important to note that your Will is revoked or cancelled if you get married, unless it is made in contemplation of marriage. Divorce does not revoke a Will, but it cancels any provision in favor of the former spouse.
Who can contest the Will?
The following persons can contest the Will. Such as:
• Your spouse,
• Your child ( under the age of 18); or
• Any person financially dependent on you i.e your parents.
Types of Wills
Net Lawman provides the following types of Wills. Such as:
Standard will: all to spouse for life, residue to others
You stay in control of who to give to, whole of estate to spouse or partner for life, after death, split between other relatives and charities. Spouse can have capital too, if needed. Suitable for: person with or without children who may or may not have re-married, but wants spouse to have life interest only.
Standard will: all to spouse for life, gift over to children
Gifts to anyone, as required, all to spouse for life, Inc power to spend capital, gift over to children absolutely. Wide trust powers, Suitable for: person with wealthy children who do not need large amount of cash on your death and for whom the ""gift over"" on death of tenant for life is not important.
Standard will: all to one person
Simple will - all to one person. If that gift fails, then to another person or charity, Suitable for: single person with no relatives.
Will - Widow or widower among children
Gifts to anyone, as required, no formal trust but includes trust provisions suitable for under 18 beneficiaries in any relationship category. Suitable for: widow, widower or divorced person who has children but no ""life partner"".
Editors’ notes:
For more information please visit www.netlawman.com.au or contact Rashid Ramay on support@netlawman.co.uk
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