What is a will and why do we need one?

About wills

Nobody wants to think about the possibility of death, that is, their own death. But it’s important to make sure your family and other loved ones are covered if something happens to you. If you don’t have a will, now is the time to seriously think about it. If you have made a will and want to make amendments, do so now because it will be too late to make those changes if something happens to you.

Always make sure your wishes are properly documented because the court will consider your will to be the final evidence of your wishes regarding your assets upon your death. Remember: If you don’t have a written will, the courts will assess what will happen to your assets and order the disposition of your assets in the way they think is best. The problem is that this may not be in accordance with your wishes; so be sure to seriously consider making a will as soon as possible.

What is a will?

A will is a document that contains your instructions and wishes about how your property and assets will be distributed after your death. Anyone, of any age, should seriously consider making a will as soon as possible. A will should not be just for people who have reached an age where death is not far off. People die at all ages and a will is needed, especially if you have assets and property to assign to those you want to benefit.

A will is an expression of a person’s wishes about how their property will be distributed. It is a written statement, signed in compliance with the various formalities contemplated in the legislation. It is a legal document that contains the names of the people he wishes to benefit, as well as the details of his possessions as of the date of his death. The people you want to benefit are called beneficiaries.

Your property or possessions will include everything you own, such as your home, land, vehicles, bank accounts, insurance policy benefits, furniture, boat, investments such as stocks, personal jewelry, works of art, etc. A will is the only way you can ensure that your assets will be distributed according to your wishes after your death.

What is a valid will?

A valid will is a will accepted by the court and made effective by the court granting what is known as probate. Probate is the court’s approval or acceptance of how your property will be treated.

A valid will must have the following characteristics:

• It must be in writing – handwritten, typed or printed.
• It must be signed with your signature at the end of the document.
• It must be witnessed by at least two other people present at the time of signing. They must acknowledge that they were present and must sign the will as witnesses in their presence. They do not have to be together at the same time of signing.

If your will is not made this way, the court may not accept it and it may not be enforceable (the courts will not enforce it). The court has discretion to grant probate (probate is confirmation that the will is valid and accepted) and your possessions can be disposed of as if you had not made a will. When the court exercises this discretion, you must make sure the document clearly states how you want your assets to be allocated or distributed.

About completing a will

Most people know that they need to make a will at some point before they die. Unfortunately, most people do not have a will. They don’t think about writing a will until after age 50.

Writing a will doesn’t have to be expensive. Once this is done, you can rest easy, knowing that your wishes will be fulfilled after your death. Most wills can be composed fairly easily. Others are more complex and involve more people, substantial assets and cash. These wills should be discussed with attorneys who specialize in this area.

While a will isn’t essential if you don’t own much (eg, property for distributions), you may have personal items, such as jewelry, manuscripts, or trophies, that you want to entrust to specific people. Having a will clears this up and saves any arguments later.

If your estate, possession, and property are valuable, you need to make sure a will clearly states your wishes and instructions. It may be inconvenient for you to establish a will while you are alive, but it may prevent arguments and fights between your beneficiaries.

Why make a will?

If a person dies without making a will, the rules according to the law will apply. If you die without a will, the term is; you have died “intestacy”. If you die intestate, the court decides how things are done, how your assets are distributed, and who would be the beneficiaries. It may not agree with your wishes, so dying intestate is not a good position as far as your beneficiaries are concerned.

Because most of us don’t know when we’re going to die, we should approach writing a will as if we don’t have many days left on this earth. This is important because it prevents arguments between family members and beneficiaries after your death.

The following are some examples of what could happen if you die in your will. He may not be particularly happy with some of them.

• If you die without a spouse or children, but your parents survive you, then your parents will generally receive all of the assets in your estate.
• If you die and are survived by a spouse, then your entire estate will generally pass to your spouse.
• If you die and are survived by a spouse and children, the estate will most likely be divided between your spouse and children, as determined by the courts. Dividing your estate between your spouse and children can cause problems for your spouse, who may have to sell a family home to pay the children for the shares.
• If you die without a spouse, children, or parents, but are survived by brothers and sisters, then your estate will be divided equally between those brothers and sisters.

There are a number of reasons why you should make a will as soon as possible.

These are:

• To protect your loved ones.
• Making a will is one of the only ways to be sure that your life’s work and assets, accumulated over the years, are passed on to the people you want. Provides security to your family and those responsible. He would spend most of his life building his assets. These can consist of home, car, insurance policies and other investments, etc. You’ll want those assets to go to people you choose, rather than someone else.
• Smooth transfer of assets.
• Having a will allows your assets to transfer smoothly upon your death. You should prepare a detailed list of your assets as well as your personal goals before putting your plan into action. Your final plan will include investment advice and planning so that there is provision for the orderly transfer of your assets.
• To ensure the future of their children.
• If you have children (minor), you may want to appoint guardians and make arrangements for their support and education.
• For a second marriage.
• If you are currently in your second marriage, you need a will to protect your new family members. A marriage generally invalidates any will made before the date of the marriage, so unless you have a new will that includes a reference to your new family, your new family may not get the protection you want.
• de facto relationship.

If you die without a will, your partner could lose assets and memories that are rightfully yours. A common-law spouse is not automatically entitled to his estate if he dies without a will. Oddly enough, a divorced ex-spouse can still inherit her estate because a divorce does not automatically cancel a will.