Wills:
Over a lifetime, people tend to accrue a vast array of assets. These can come in a variety of forms, and can include things such as land, property, stocks and shares, investments, businesses, bond accounts, cash, jewelry, art collections, vehicles, and other items of both sentimental and monetary value. Although it’s not something that we like to dwell on, it is important to work out what will happen to all of these assets when you are no longer around to enjoy them. After you die, you will no longer be around to ensure that your assets go to your chosen beneficiary, and this is where wills come into the equation. It is totally up to you as to which person – or people – receive your assets after your death, and making a will is the way to ensure that your wishes with regards to the beneficiary or beneficiaries are carried out.
A will is a very simple document, and this is a legal paper that clarifies what your assets are and whom your chosen beneficiaries are. The will is an important document that is used in the probate process after your death to ensure that all of your assets are given to the rightful beneficiaries as per your wishes and instructions. There is a very specific set of rules attached to the making of a will. The person making the will must be over 18, and the making of the will must be witnessed in order to make it valid. The testator (the person making the will) must also be of sound mind and body when the will is made and signed, and the will must not be written under any outside influence.
Many people never get around to making their will, and when they die the courts have to deal with any assets, which are then distributed according to the state laws. In this situation an executor is appointed, and this person deals with the disbursement of assets. This is done under the supervision of the probate court and designated officials. If there is no executor or nobody wants to take on the job, the probate court will appoint an estate administrator to deal with the distribution of assets. If you have no beneficiaries or relatives and have not made a will, it is possible that all of your assets will be claimed by the state. This is why it is always advisable to think ahead and make a will, even if you want your assets to be sold off for charity.
Making a will entails listing all of your assets, and than listing all outstanding debts. You then need to decide who your beneficiaries are and which of your assets will go to whom. During the probate process, all outstanding debts will be taken from your estate and paid to the relevant creditors, and the remainder of the estate is then distributed according to your wishes. If you leave any assets off your will, the probate court will distribute them in accordance to state law; it is therefore wise to leave the name of a beneficiary that should receive all assets not mentioned on the will. It is not necessary to list joint interests such as a bank account, property, or business, providing the joint partner is still alive as these items will automatically be passed on to the partner. Also, you do not have to list items for which a beneficiary has already been named, such as life insurance.
Often, people need to change their wills. This may be due to the birth of a child or grandchild, or it may be due to a death or a falling out. Whatever the circumstances, it is important that you ensure that your old will is destroyed once you have made up a new document and had it witnessed. Your will should be kept in a safe place, and it is wise to leave a copy with your solicitor and to let a trusted friend (a non-beneficiary) and your solicitor know where the original is kept. This can save a great deal of worry, trouble, and heartache for your loved ones if you pass away unexpectedly and nobody knows where the will is. In the event that the will cannot be found, the estate would be distributed by the state, in which case your assets may not go to the people you listed on the will.
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