Significance of a Will
- A will also termed as testament is a qualified legal document that allows a person, the testator, to detail out how his/her assets, movable and immovable, will be allocated or distributed at death. The testator may also nominate one or more individuals, the executor, who will manage the assets till the final allocation/ distribution.
- It is always advisable to draft and keep your will in safe custody as in the absence of a legally valid will, Intestacy law also known as law of descent and distribution comes into effect that determines entitlement to the assets as per rules of inheritance and that may affect assets share of your immediate family, dearly. Generally, in the absence of a will, intestacy law of domicile of the deceased person comes into effect. However, in the event of the assets being located in certain jurisdictions, away from decedent’s domicile or residence, such as much of Islamic countries, forced heirship rights come into effect unlike the Common Law, irrespective of a will. Therefore, the need of a clear and well laid out will or testament.
Guidelines for Will Creation
As you would wish to have a smooth transfer of assets ownership after you, it is always suggested to hire services of qualified will writers such as Wills Basingstoke. These professional experts with years of will writing expertise ensure that the wills are drafted, kept safe and executed with utmost care as desired by you. You can refer to the
Preconditions for Will Creation
Well, the requirements for a will to qualify as a legal document depend on the applicable jurisdiction. However, you may refer to the below mentioned general preconditions while drafting a will.
- A person, the testator, who has attained age of majority and has testamentary capacity (as in, having a stable mind) can make a legally qualified will with or without the aid of any lawyer.
- The testator should clearly identify himself as will maker that a will is being made; also referred to as publication of the will, and face of the document carries words “last will and testament”.
- The person who is making the will, the testator, may have to demonstrate that he or she is making a will freely and willingly and is in capacity (sound mind) to pass on or dispose of the property. He or she should also declare that all previous wills/ codicils stand revoked.
- Upon drafting and reviewing the will document, it has to be signed and dated by the testator, usually in the presence of non-beneficiary witnesses. It again depends on the jurisdiction area, as under certain laws witnesses are no longer required. Handwritten or holographic wills usually considered valid without any witnesses.
Considering the implications, rather complications, of a non-willed assets allocation or distribution, you should always create a will. And, to address the actual intent of wishful allocation of assets among beneficiaries, you must engage a qualified expert to write a precise and clear will.