{"id":349,"date":"2021-03-17T21:15:01","date_gmt":"2021-03-17T21:15:01","guid":{"rendered":"https:\/\/readyretiree.com\/?p=349"},"modified":"2021-09-25T18:37:33","modified_gmt":"2021-09-25T18:37:33","slug":"what-is-a-will-and-why-should-you-have-one","status":"publish","type":"post","link":"https:\/\/readyretiree.com\/what-is-a-will-and-why-should-you-have-one\/","title":{"rendered":"What is a will and why should you have one?"},"content":{"rendered":"
Discounting our mortality could have greater ramifications in our post-life years. Under this text, we will deeply cut through legal and other justifications as to why you should document how you would like your assets shared among beneficiaries. While a will is often dreaded as a constant tangible reminder of our mortality, its importance outweighs the fear in the sense that it prevents what is logically feared.<\/p>\n\n\n\n
What is a Will and Why Should You Have One?
A will is a legal document that puts clear your wishes regarding how you would like to have your property shared among children or any legally qualifying beneficiary after you die. It is considered fluid and can be altered on an ad hoc basis until your death. It is important as it specifies who should and should not have a stake in your property.<\/p>\n\n\n\n
A vital document in estate planning will give specific directions on how you want your estate distributed after death. Besides, will have provisions for tangible properties like jewelry, furniture, and the listing of the preferred guardian for minors. While there are numerous legal processes to operationalize a will, it is imperative to note the probate process which refers to the presentation and the execution of the will by the appointed executioner.<\/p>\n\n\n\n
Within the context of a will, perhaps you have come across trusts and wondered how the two relate. A will helps reduce conflicts after your death by pointing out the beneficiaries and the formula of apportioning the estate. Trusts on the other hand are concerned with specific assets like a life insurance policy or a portion of your estate unlike the aggregated sum of your holdings.<\/p>\n\n\n\n
A will covers all your belongings including but not limited to property, bank balances, and prized possessions. It directs how much material goods are to be distributed to your children, partners, institutions, or charitable organizations.<\/p>\n\n\n\n
Covered under the will’s legal provisions are the outlier scenarios such as the beneficiary preceding the testator? In this situation, the estate reverts to the owner and afterward distributed as per the instructions of the probate court.<\/p>\n\n\n\n
For the content of the will to be legally actionable, parties to it must have the testamentary capacity. They should be of sane mind and must have attained the minimum legal age. This ensures that you understand the nature of your pronouncements and the magnitude of their implications later in life.<\/p>\n\n\n\n
The Process of Starting Your Will
The process of preparing an effective will starts with a compilation of your assets and debts. Be keen not to leave out contents of safe boxes and family inheritances that you desire to transfer to particular individuals or organizations.<\/p>\n\n\n\n
If you have certain possessions that you wish to give to specific individuals, list them first. Recipients are usually captured in a special letter (letter of inclusion) which is an integral part of the will. This letter is considered to be less legal in comparison to the entire will. It comes with specifics that enhance the executioner\u2019s easy times when performing his\/her duties. The letter includes such details as account numbers, passwords, and even burial guidelines. Apart from this letter, other documents may direct the court on legal execution. They are referred to as extra addenda and include a medical directive, or the power of attorney.<\/p>\n\n\n\n
In case you die with a will in place, the executor shall present the legal document to the court clerk. He\/she will then seek the court’s green light authorizing the subsequent executors’ management of the estate. This is what is referred to as the probate process. The executor in conjunction with the court administers the properties, identifies the beneficiaries and creditors, executes the distribution, and then files for any taxes or probate documents. Upon satisfying the concerned government authorities, he\/she closes the estate. These processes are done with a specified legal timeframe. In case the executor is faced with legal challenges or conflicts in the process of discharging his legal mandate, he is at liberty to invoke a more formal legal process.<\/p>\n\n\n\n
You have the option for an individual or a corporate executor depending on the size of your estate. If the administration of your will requires expertise and long hours of work, it is advisable to get a corporate executor. For example, in instances where your will directs that sharing of trusts held by a financial institution, then such an institution is best placed to oversee the administration of the estate. Besides, corporate trustees are ideal owing to their vast experiences in executing such mandates. They have the requisite legal and technical expertise in handling all situations amicably.<\/p>\n\n\n\n
A will is an incontestable necessity that sets forth your inheritance or dis-inheritance desires. It can tone down family, business, and other conflicts that are likely in the normal course of life after death. While their effectiveness cannot be understated, it varies depending on the type and the common understanding that the document may be limited in resolving the complex and multi-angled challenges that arise after our deaths.<\/p>","protected":false},"excerpt":{"rendered":"
Discounting our mortality could have greater ramifications in our post-life years. Under this text, we will deeply cut through legal and other justifications as to why you should document how…<\/p>\n","protected":false},"author":1,"featured_media":350,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","footnotes":""},"categories":[37],"tags":[],"uagb_featured_image_src":{"full":["https:\/\/readyretiree.com\/wp-content\/uploads\/2021\/03\/business-lawyer-is-currently-counseling-the-client-s-trial-at-the-lawyer-office-.jpg",2000,1333,false],"thumbnail":["https:\/\/readyretiree.com\/wp-content\/uploads\/2021\/03\/business-lawyer-is-currently-counseling-the-client-s-trial-at-the-lawyer-office--150x150.jpg",150,150,true],"medium":["https:\/\/readyretiree.com\/wp-content\/uploads\/2021\/03\/business-lawyer-is-currently-counseling-the-client-s-trial-at-the-lawyer-office--300x200.jpg",300,200,true],"medium_large":["https:\/\/readyretiree.com\/wp-content\/uploads\/2021\/03\/business-lawyer-is-currently-counseling-the-client-s-trial-at-the-lawyer-office--768x512.jpg",768,512,true],"large":["https:\/\/readyretiree.com\/wp-content\/uploads\/2021\/03\/business-lawyer-is-currently-counseling-the-client-s-trial-at-the-lawyer-office--1024x682.jpg",1024,682,true],"1536x1536":["https:\/\/readyretiree.com\/wp-content\/uploads\/2021\/03\/business-lawyer-is-currently-counseling-the-client-s-trial-at-the-lawyer-office--1536x1024.jpg",1536,1024,true],"2048x2048":["https:\/\/readyretiree.com\/wp-content\/uploads\/2021\/03\/business-lawyer-is-currently-counseling-the-client-s-trial-at-the-lawyer-office-.jpg",2000,1333,false],"ruki-hero-image":["https:\/\/readyretiree.com\/wp-content\/uploads\/2021\/03\/business-lawyer-is-currently-counseling-the-client-s-trial-at-the-lawyer-office--1600x680.jpg",1600,680,true],"ruki-single-uncropped-image":["https:\/\/readyretiree.com\/wp-content\/uploads\/2021\/03\/business-lawyer-is-currently-counseling-the-client-s-trial-at-the-lawyer-office--1250x833.jpg",1250,833,true],"ruki-single-landscape-image":["https:\/\/readyretiree.com\/wp-content\/uploads\/2021\/03\/business-lawyer-is-currently-counseling-the-client-s-trial-at-the-lawyer-office--1250x834.jpg",1250,834,true],"ruki-single-portrait-image":["https:\/\/readyretiree.com\/wp-content\/uploads\/2021\/03\/business-lawyer-is-currently-counseling-the-client-s-trial-at-the-lawyer-office--1250x1333.jpg",1250,1333,true],"ruki-single-square-image":["https:\/\/readyretiree.com\/wp-content\/uploads\/2021\/03\/business-lawyer-is-currently-counseling-the-client-s-trial-at-the-lawyer-office--1250x1250.jpg",1250,1250,true],"ruki-landscape-image":["https:\/\/readyretiree.com\/wp-content\/uploads\/2021\/03\/business-lawyer-is-currently-counseling-the-client-s-trial-at-the-lawyer-office--900x600.jpg",900,600,true],"ruki-portrait-image":["https:\/\/readyretiree.com\/wp-content\/uploads\/2021\/03\/business-lawyer-is-currently-counseling-the-client-s-trial-at-the-lawyer-office--600x900.jpg",600,900,true],"ruki-square-image":["https:\/\/readyretiree.com\/wp-content\/uploads\/2021\/03\/business-lawyer-is-currently-counseling-the-client-s-trial-at-the-lawyer-office--600x600.jpg",600,600,true]},"uagb_author_info":{"display_name":"Matt Cochrell","author_link":"https:\/\/readyretiree.com\/author\/matt\/"},"uagb_comment_info":0,"uagb_excerpt":"Discounting our mortality could have greater ramifications in our post-life years. Under this text, we will deeply cut through legal and other justifications as to why you should document how...","_links":{"self":[{"href":"https:\/\/readyretiree.com\/wp-json\/wp\/v2\/posts\/349"}],"collection":[{"href":"https:\/\/readyretiree.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/readyretiree.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/readyretiree.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/readyretiree.com\/wp-json\/wp\/v2\/comments?post=349"}],"version-history":[{"count":0,"href":"https:\/\/readyretiree.com\/wp-json\/wp\/v2\/posts\/349\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/readyretiree.com\/wp-json\/wp\/v2\/media\/350"}],"wp:attachment":[{"href":"https:\/\/readyretiree.com\/wp-json\/wp\/v2\/media?parent=349"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/readyretiree.com\/wp-json\/wp\/v2\/categories?post=349"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/readyretiree.com\/wp-json\/wp\/v2\/tags?post=349"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}