A Will is a legal declaration by which a person, the testator, names one or more persons to manage his or her estate and provides for the distribution of his property at death.
A Will created serves variety of purposes:
1. It helps a person to select his heirs for the distribution of his property.
2. It helps a person to decide which individual could best serve as the executor of his estate.
3. A Will safeguards a person's right to select an individual to serve as guardian to raise his young children in the event of his death.
4. To distribute the property fairly to the beneficiaries while protecting their interests.
If a person does not leave a will or the will is declared invalid, the estate will be distributed according to the laws of Descent and Distribution of the state in which the person resided.
Therefore, a Will is the most practical first step in estate planning. While creating a Will the following points must be remembered-
1. You must be 18 years of age or more in most States.
2. The document must clearly state that it is your Will.
3. There must be an executor of the Will and he must be named.
4. A Will must be written in sound judgment and mental capacity to be valid.
5. You must sign a will in the presence of at least two witnesses.
An Executor is the person who is responsible for settling the estate after death. Duties of an executor include:
1. Taking inventory of property and belongings
2. Appraising and distributing assets
3. Paying taxes
4. Settling debts owed by the deceased
The Executor is legally obligated to act in the interests of the wishes provided in the Will. Any person over the age of 18, who has not been convicted of a felony, can be named executor of a will. That may be a lawyer, accountant, or financial consultant based on their experience.
While writing the Will, you need to decide who you want to inherit your assets to ensure that your possessions are transferred, as you want. There are generally a Primary beneficiary and Secondary or Contingent beneficiary.
Primary beneficiaries are the first to receive your assets. If the primary beneficiary dies or does not meet a condition then the secondary beneficiary receives the assets.
You also have to add primary and secondary beneficiaries on your individual bank accounts the deeds to your homes and cars, contents of your safe deposit boxes, investments and insurance policies to make it easier to transfer the assets.
It is always a good idea to review your will from time to time once the will is made. You can consider changes if:
1. The value of your assets change
2. You marry, divorce or remarry
3. You have a child
4. You are from a different state
5. One of your successor dies
6. The Executor of your Will dies
7. The laws affecting your estate change..
For further queries contact-
David Morris and Company
http://davidmorrissolicitors.ie/
https://plus.Google.com/u/1/b/100406636619949589780/100406636619949589780/
A Will created serves variety of purposes:
1. It helps a person to select his heirs for the distribution of his property.
2. It helps a person to decide which individual could best serve as the executor of his estate.
3. A Will safeguards a person's right to select an individual to serve as guardian to raise his young children in the event of his death.
4. To distribute the property fairly to the beneficiaries while protecting their interests.
If a person does not leave a will or the will is declared invalid, the estate will be distributed according to the laws of Descent and Distribution of the state in which the person resided.
Therefore, a Will is the most practical first step in estate planning. While creating a Will the following points must be remembered-
1. You must be 18 years of age or more in most States.
2. The document must clearly state that it is your Will.
3. There must be an executor of the Will and he must be named.
4. A Will must be written in sound judgment and mental capacity to be valid.
5. You must sign a will in the presence of at least two witnesses.
An Executor is the person who is responsible for settling the estate after death. Duties of an executor include:
1. Taking inventory of property and belongings
2. Appraising and distributing assets
3. Paying taxes
4. Settling debts owed by the deceased
The Executor is legally obligated to act in the interests of the wishes provided in the Will. Any person over the age of 18, who has not been convicted of a felony, can be named executor of a will. That may be a lawyer, accountant, or financial consultant based on their experience.
While writing the Will, you need to decide who you want to inherit your assets to ensure that your possessions are transferred, as you want. There are generally a Primary beneficiary and Secondary or Contingent beneficiary.
Primary beneficiaries are the first to receive your assets. If the primary beneficiary dies or does not meet a condition then the secondary beneficiary receives the assets.
You also have to add primary and secondary beneficiaries on your individual bank accounts the deeds to your homes and cars, contents of your safe deposit boxes, investments and insurance policies to make it easier to transfer the assets.
It is always a good idea to review your will from time to time once the will is made. You can consider changes if:
1. The value of your assets change
2. You marry, divorce or remarry
3. You have a child
4. You are from a different state
5. One of your successor dies
6. The Executor of your Will dies
7. The laws affecting your estate change..
For further queries contact-
David Morris and Company
http://davidmorrissolicitors.ie/
https://plus.Google.com/u/1/b/100406636619949589780/100406636619949589780/
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