Basic Information About Wills


Many people who are near death will often think about what will happen to their estate when they die. Questions pertaining to what will happen to his estate and to his family are always in his mind and he wants to know what will happen to them when he dies.

It is important to know basic things to be able to make important decisions regarding the issues state above. In order to determine what is right for you, you need an understanding of wills which are given below.

A will is a legal document which contains specific instructions given by the one who made it, the testator, that needs to be carried out after he dies. This document becomes irrevocable after upon death. The contents of the will include the distribution of assets in terms of money and property, and it can also provide a choice of guardians to care for minor children.

The will names the people who will benefit from his assets which can include his immediately family members, friends, spouse, domestic partner, charitable institutions and others. According to the instructions of the testator's will, beneficiaries receive assets. Gifts like jewelry,personal properties, real properties or a certain amount of money can be given to specific individuals and for other assets that do not classify as gifts, there will be instructions on what to do with those assets also. Go to  http://jlgi.com/wills-estates-trusts/  


When there are minor children left behind, the testator usually names a guardian for them. The guardian is to be the person responsible for the personal care of their children who are under the age of 18 if the child's other parent died or is unavailable for other reasons. The guardian may or may not manage the assets that the children inherited until they are 18 years old.

An executor is also named in the will. An executor is a person or institution to collect and manage his assets, pay any debts, expenses and taxes that might be due, and with the court's approval, distribute assets to beneficiaries according to the instruction in the will.

The role and responsibilities of an executor are very important. This is one responsibility that takes a lot of your time to do.

A will is to be created with the requirements in mind. Here are the things to be met to be able to form a formal will. The will should have the signature of the testator or he can assign somebody else to sign for him in his presence. The two other signatories are witnesses to the signing of the testator and that they are fully aware that they are signing his will. More about  trusts Washington