There are many questions that people often ask when they think about what will happen when they die. These people have a lot of questions in their minds about their property, his children receiving the property, other family members having access to his property, his children’s future, and many other questions that have something to do with his family and his estate after he has died.
It is important to know basic things to be able to make important decisions regarding the issues state above. Below we will try to understand what will are and this may help you determine what is right for you. Learn about Washington estates
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. Upon the death of the testator, the document becomes binding. 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. Go to http://jlgi.com/wills-estates-trusts/
In a will are the names of the beneficiaries who can be family members, friends, spouse, domestic partner, charitable institutions and others. The testator indicates in the will the specific asset that will be given to specific individuals. He can also assign gifs like jewelry, personal property, real property , or money to certain beneficiaries and he may also give instructions on what should be done with the reaming assets that does not fall under gifts.
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. The job of an executor is to collect and manage his assets, pay his debts, expenses, and taxes that may be due, and with the approval of the court, he is to distribute the assets to beneficiaries according to the instructions written 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.
There are requirements that must be met when creating a will. In order to form a formal will, the following must be met. The testator must sign the will or direct another 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.