What Is a Will and Testament and How to Use It Effectively

Overview

A will is a legal document in which the testator expresses their wishes as to how their property is to be distributed at death. The document names one or more persons, as executor, to manage the estate until its final distribution.

It essentially communicates the final wishes pertaining to possessions and dependants.

The instructions are carried out once the individual passes away.

A will may create a testamentary trust that is effective only after the death of the testator. It may account for any special circumstances.

It’s important to keep in mind that without sound knowledge of the legal processes at work behind the drafting of wills, your final wishes could end up not being fulfilled.

Effective use of a will and testament:

Having a will means that you can decide how your estate is distributed. When drawing a will up it’s important to make use of qualified advisors or Trust companies. Don’t make the mistake of trying to put your own will and testament together.

When setting your will up, make sure that you stick to percentages when allocating your fortune. There are numerous stories of individuals who have allocated money amounts to family members who ended up with nothing as a result of changes to the estate.

Sign the document and keep it in a safe place. You should also ensure that you get two witnesses (individuals who have no interest in the will.) Inform trusted family members or friends of the whereabouts.

Make sure that you are specific about the details of your will. It needs to be as thorough as possible. When you mention beneficiaries, make sure that you specify according to their full names and that you also give a short description as well, so as to avoid any confusion.