No one likes to think about his own death. In fact, one shudders to think about dying. But if you think rationally, you must make a will. If you love what you have made with your efforts; whether it is your business or your property, then, you must be worried as to what happens to it after you pass away. If you choose not to make a will, your successors will have to prove their inheritance and will be caught in a legal wrangle to claim what is lawfully theirs.
If by chance you are not married or are living in a live-in relationship, it becomes all the more important to write a will as law does not recognise the person with whom you are living as a legal heir or having the same rights as a husband or a wife. Your co-inhabitant may get nothing from your property if you were to die without writing a will.
It becomes imperative to write a will if you have dependants that are not able to take care of themselves. They will have an uncertain future if you do not specify what they inherit after you pass away.
Whether you like it or not, your children will start fighting over your property as to who gets what after you pass away without writing a will. But if you write a will, clearly specifying who gets which portion of the property and how the assets should be divided, there shall be no disputes and the division of property will be a smooth affair.
If you own a business and have a son to carry it forward, leaving all the rights to him for conducting the business needs to be mentioned in the will so that your son may not have any difficulty in the eventuality of your death.
A will is the last testament of a person in which he lists all his assets and writes the manner in which he wishes his property to be distributed among his heirs and other relatives. There are many types of will which are described below
Simple Will: If the property is monolithic and uncomplicated, its distribution is easy. You can simply fill out a form and state your wishes.
Holographic Will: The will prepared in one’s own handwriting is called a holographic will and is acceptable in many states.
Statutory Will: When a will is made in a format where only details need to be filled out according to the boxes provided, it is called a statutory will.
Testament Trust Will: Setting up of a trust to oversee the distribution of the property needs a
Testament Trust Will.
Pour Over Will: The property ‘pours over’ into a trust when you specifically mention it.
Oral Will: This is a spoken will, also called Noncupative Will, and is accepted in some states when there is a medical emergency.
Video Will: The Will maker reads out his wishes in front of a video camera. This kind of a Will is generally supplemented by a written will.
Joint Will: When two people make a will together, it is known as a joint will. It tells how the assets are to be distributed when the second person dies.
Self-Proving Will: When a person attaches a self-proving affidavit to a will, and it has been notarised, it becomes a self-proving will just like a self-attested certificate. This is accepted as the true will of the person when he dies.
Living Will: A Living Will is a document that states what kind of medical treatment you should be given in case you fall terminally ill.
Deathbed Will: This kind of a Will is written when the person is on deathbed. These are legally binding.
It is common to see quarrels and bickering between siblings over the distribution of the property of their deceased parent. This often happens when the parent dies without writing a will. People do not write a will because of several reasons and one of them is the legal cost involved. But today it is possible to have your will written free of cost. This will is also legally binding and you save on the cost of the attorney that you may have to otherwise hire. There are sites on the internet, which provide all the assistance you will need in writing your own will.
The simplest and easiest way to ensure that your business, property and all other assets are distributed in accordance to your wishes after your death is to write a will. It is a legal document that binds your heirs to accept your wishes and there is no quarrel over the distribution.
These sites on the internet have a set pattern, which is like a questionnaire and is similar to the format that is available in the market. You just enter your details and go on filling all the answers to the best of your knowledge. It begins with your personal details like name, address, family members, relatives, your assets, property details and the manner in which you want to distribute your property among the beneficiaries. If there is any additional information, you can share it with the site in the form of adding your comments. Once you fill out the form, the site transfers all the information on a template, which you can print out and have your own will document. You just need to sign it in the presence of two eye witnesses and it becomes legally binding just like the will you create with the help of an attorney.
We all know how important it is to make a will before we die. It not only ensures the distribution of the property in accordance to our wishes, but also prevents any quarrels between our children over the distribution of assets. Making a will is easy, and you can do it on your own or take help of an attorney. Either way, there are some things that you ought to know while making a will.
Source: familywillscenter.com