Seven Things To Know About A Will And Ancestral Property
Introduction
A will is a legally authorized document that sets forth the writer’s wish for the distribution of his property amongst his heirs and others. If a man dies without a will, then his wish of distribution of property will not be regarded by the court. So, it is always more efficient and convenient to write a will in good time. A will saves a lot of wastage of time and money behind running between courts and attorneys after the writer’s death. Do you have a legacy for your next generation to inherit? Are you set on writing the will? Then here are the few things that you need to know about will and inheritance of property.
Seven critical points about will and inheritance of property
It is best to produce a written and witnessed will
Write a testamentary will to guarantee the execution of your wish of property distribution. Specify every asset with great detail in the will, and sign it in the presence of witnesses. Choose the witnesses carefully as they will have to testify in court later if any challenge arises. The court seldom questions a signed and witnessed will.
Marriage affects the clauses of the will
If there is a wedding on the cards, then there has to be a modification of the will. Of course, you may not be worrying about what will happen after death while exchanging marriage vows, but it is essential to know that marriage will completely change the contents of a will. If you do not state anything in the will, then your wife will inherit everything through intestacy. So, you need to specify everything in the will to make sure that the respective persons get a portion of your legacy and not your wife alone.
Cover all of your assets in the will
Your assets include every belonging of any financial value. This means that every asset has a sale value. Mention every asset that you have in the will. The lawyer evaluates every asset during the distribution of your property after death. He distributes according to your wishes and adheres to the clauses of the will in good faith. The assets include money, shares, trusts, pension, and life insurance payout. It also includes your house and other properties like plots of land. Along with your house, an asset covers the furniture, personal items, cars, and other things of monetary value.
Name the executor of the will
An executor of your will can be your adult child, your spouse, your relative, or your trusted friend. If your wish of property distribution is a tad too complicated, then hire an experienced attorney to be the executor. There can be joint executors also. So you can choose your partner or spouse along with an attorney to be joint executors of the will.
Witnesses to the will
You can select any person to be a witness to your will. Make sure that the witness is not a beneficiary, as that can cause a conflict of interest. The lawyer who drafts the will for you should not be a witness either. Make the witnesses sign a self-proving affidavit too. Find disinterested witnesses for the authentication will.
Contesting of the will
Contesting of the will refers to the challenging of the validity of the contents in the court of law. If the beneficiary feels that the will is not justified, he may choose to contest in the court. There are several reasons for contesting the will. Some of the reasons include lack of competency while signing the will, signs of fraudulence, and more.
Separate wills and joint wills
Most estate planners advise against writing joint wills. Some nations do not even recognize the joint format. Joint will refers to the will which the spouses write and sign together. However, it can be that they do not hold joint property. And so, a separate will is more plausible. Independent wills permit the spouses to address the heirs of previous marriages. Through separate wills, one can make sure that the children from previous marriage inherit the property as well. Probate law generally favors the current spouse.
