It’s estimated that 50% of all people die without a will. Many are under the impression that wills are only for the wealthy. This is simply not true. We felt compelled to make information about wills easy to obtain so everyone can know just how important the answer to, why get a will?” is.
Many avoid discussing wills and testaments because it unavoidably leads to facing our mortality. The truth is, whether we choose to ignore it or face it prepared, the old adage that death, like taxes, is unavoidable, still applies.
We don’t mean to make light of a subject as serious as death, but we feel many people can save themselves and their loved ones a lot of unneeded strife by making sure they have a will and last testament in place.
Getting the facts is not as hard as you may think. True, if you’re not exactly keen on the subject, the thought of filtering your way through endless dusty tomes containing legal laws or wandering through dozens of web sites online can seem daunting. That’s why we’ve.
Here’s another good answer to the question, “What is a will?” What a will is, is a legal document recognized by courts. There are specific laws pertaining to wills and often they vary. There are, however, some basic concepts that make up the basis of all wills. The person making the will must be of legal adult age and contain full control of his faculties.
A valid last will and testament needs to be written down and have the signature of the one who made the will, and be witnessed by two individuals who also sign, at its end. It should list, in detail, all of the testator’s possessions and include the names of the people he/she wishes to distribute those possessions to. It should also name someone who will be responsible for administrating affairs.
A will can be contested by successors, but you can make provisions ahead of time to avoid this. Sometimes, situations arise making it necessary to leave someone out of a will. The reason for leaving someone out can be explained in a will. Remember what a will is: a contract. This can help it remain uncontested. Take warning: if someone close to you has asked, either of these questions a little too often, they may be thinking of themselves, not of you or your wishes.
A Last Will and Testament is a Contract
When considering what is a will, remember that it is more than a contract for the distribution of property and at times the following reasons may weight heaviest on the mind of the person asking, “Why get a will?”
Why get a will? Because expenses that arise related to your funeral, your personal debt, transfer taxes, estate taxes, and inheritance taxes will need to be paid. An executor is usually assigned to make these payments from the estate.
Guardian For Your
Parents, note that another important function and the answer to, “What is a will?” is that it is a contract naming guardians for your minor children. You may realize that the person most likely to be awarded custody may not be the best person to care for your children. Think of the person you would choose when asking, “Why get a will?”
Death often comes unexpectedly, and sometimes the only way for your loved ones to know your last wishes is to record them in a will. Think of the peace of mind you’ll have when you know you’ve taken the opportunity to communicate your last desires through a will. When you understand what a will is, chances are you won’t need to ask, “Why get a will?”