A will is really nothing but a legal document that permits you to specify the name of a person or persons that will receive your assets as well as belongings once you are gone from this world. The purpose of such a legal document is that it allows you to also specify, for example, the name of a guardian that will look after your minor children till such time as the children are able to look after themselves. In addition to providing such advantages a will can also help you save a lot of money and it can also prevent discord among the beneficiaries by specifying what must be done upon your death.
Important Points Of A Will
Each person that has assets and belongings worth a reasonable amount of money needs to make a will which will then help inform others how you wish to dispose of your assets once you are dead. This document spells out the manner in which your children can be taken care of, especially until such time as your minor children become adults and mature enough to fend for themselves. This legal document also lays down the manner in which your assets are taken care of once you are dead; failure to make such a legal document means that your assets will be distributed according to existing intestacy rules which in turn do not take notice of the beneficiary’s circumstances or what the dead person may have wanted.
In the will you can also mention who should manage the distribution of the deceased person’s assets and you can also name the person responsible for this distribution of assets who is then referred to as an executor. If you die without having made a will then your assets will be distributed according to the decisions made by an administrator who is a person appointed by the court and who will be given the responsibility of distributing your assets and belongings.
Each will is covered by the Wills, Probate and Administration Act 1898 which covers aspects such as validity of the will, granting of administration, formulae to help in distributing the assets (in case no will was made) and the Act also deals with rectifying wills; and, more.
A living will on the other hand is also a legal document that however spells out what the maker of such a legal document desires in regard to continuation or cessation of taking or life-prolonging medical treatment. In fact, this legal document is also referred to as an advance directive or health-care directive or even a physician’s directive.