People are encouraged to plan their finances just in case they are no more. People might take advantage of your money and misuse it when you are gone. Writing a will is among the best ways to plan your finances. A valid will should be written in the presence of a lawyer observing technicalities and complicated terminology. Just like any other official document, a carelessly written will can cause misunderstanding and result to disputes at the end of the day. This article will discuss the critical people who should be involved in writing a will. Read on.
This is the person who owns the assets to be shared after their passing. According to law, anyone above 21 years can hold a will but normally people above the age of 35 need the will most. It should be taken more serious by people who are married and have children. In addition to stating how you want to distribute your wealth, testators can name the guardians of their children once they are gone. In simple terms, parents should make proper arrangements of how their children will be taken care while they are gone.
These are people who are supposed to receive financial and non-financial gains when the testator dies. Anyone can be a testator, from spouses, organizations, minors and anyone else mentioned in the will. Minors or dependent children are not given the inheritance directly but kept in trust until they reach 18 or 21 years of age.
These are people who are entrusted with the duty to distribute the wealth of the testator in accordance with the will. Below are the legal restrictions in the selection of executors. They must be 21 years of age, they must not be bankrupt and must be of sound mind.
A witness is supposed to testify that the testator is acting rationally and on a sound mind. There should be at least two witnesses when a will is being signed. A witness should, not be a beneficiary, spouse of the recipient, nor be a creditor and should be mentally sound.
These are professionals who take the responsibility to write an error-free and clear will. They work to make sure that the interests of the deceased are protected and honored. Many people fear to hire a professional because they think that it will be expensive. Yes, you might be required to part with some fee, but it will be worth it.