While most people are familiar with the term “will”, many still remain unaware of its overall purpose and importance.
Definition of a Will
In the simplest terms, wills are legal documents that detail out your wishes pertaining to the distribution and transfer of your estate and the upbringing and care of your minor children (if any).
It is sometimes also called the “last will and testament,” because a county court reads it after your death and ensures the due execution of all your final wishes.
In order to make the will enforceable by law, it must be
- Presented in writing
- Should bear your and the witness’ signatures
- Passed through the probate process of the State.
Purpose/Use of Wills
A will is designed to fulfill the following purposes:
- Make property dispositions that will take effect after your death.
- Appoint the people/causes/pets who will get a share of your estate
- Assign people you wish to handle your estate or a part of it
- Choose guardians who will be responsible for your minor children following your death
- Altering or revoking a previous will
Benefits of Wills
There are plenty of benefits of having a will. The most prominent ones include:
- They allow you to pick your own will executors. These are the people that will see the fulfillment of your intended purpose of the will—including the distribution and management of the estate.
- With the will, you can choose who would take care of your minor children (appointing guardians) after your death.
- It allows you to detail out the arrangements for your funeral, the expenses for which can be paid out from your estate.
- You can benefit from the reduced amount of inheritance tax payable as your solicitor will advise you on the best way forward for it.