Posted on August 10, 2010.
What is a Will? A will is a legal form that will ensure the estate is divided how you want. The person who owns the estate (money and belongings) is called the "testator." Without a will your estate is wide open to conflicts, problems, and lawsuits. For example, your parents can have a huge controversy on the property, leading to lengthy court proceedings and legal fees for lawyers, etc.
Although there are many advantages to having a will, the law considers strictly the document that the testator governing the rights of others over his property at death.
The traditional will is the will, which is sometimes called a will. This covers the disposition of personal property in case of death and may also cover the testators wishes concerning who becomes the guardian of a minor child. This document is legally binding.
When you prepare your last will and testimony items of personal importance or value should be included in a will. Whoever receives these values is called the beneficiary. the heir of the term "is often confused with the term beneficiary. An heir is someone who inherits a field without the aid of a will.
If the testator creates the will, it must appoint an executor. An executor is someone who take care of all administrative responsibilities of the will. The main responsibility of the executor is to ensure that the will is executed according to the wishes of the testator. The executor is also responsible for ensuring that the items named in the will are correctly distributed to the beneficiaries.
Preventing conflicts is the main reason why you want a will. Without a will to specify which assets go to whom, conflicts, problems, etc. will most likely arise. You can even specify to give some of your assets to a charity. In all, this will give you a legal platform to deal with the distribution of your assets past your death.
