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A will, often called a
‘last will and testament’, is a document
written by an individual (the ‘testator’)
stating what will happen to all his or her
monies, property and other assets (collectively
called ‘the estate’) when he or she dies.
In that will, he or she appoints an ‘Executor’
– usually a family member or friend – to carry
out the wishes stated in the will after
death.
It is very important
that you write a will. Otherwise,
you will have no say over what happens to your
estate when you die. It will be distributed by
the law through an ‘Administrator’. This
distribution will occur according to a list of
persons determined by law – and not to who you
think most deserves it. In fact, the list
of recipients – called ‘beneficiaries’ –
may be entirely against your wishes, if you
leave it to the law to deal with your
estate.
It is also the only way
you can ensure that the arrangements for your
spouse and children that you believe are
necessary, will be carried out.
It also provides a
strong reassurance, to those that matter, that
they were appreciated by the friend or family
member that has passed away. The alternative –
leaving it to the law to distribute an estate –
is a much more anonymous and impersonal
process.
A will is a very
important but complex document. It has to meet
many legal requirements and follow certain
forms. It must be able to withstand both legal
challenges and the tumultuous period of
bereavement experienced by the family and
friends left behind.
However, as complicated
it may seem, writing a will is the wisest thing
anyone can do to avoid unnecessary pain and
confusion for loved ones. The legal advice
provided by a solicitor can simplify the
process enormously.
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