Death will ? what does it entail?

As painful as his death is, it is even more painful that he left his heirs in utter confusion because he did not leave a last will and testament behind! 

Prince's massive estate is estimated at hundreds of millions dollars --- up to this moment, the estate is still unsettled, yet to be valued officially, and yet to be distributed to his heirs. This is certainly a lesson for everyone who does not deem it fit to put a proper will in place.

Death is Inevitable

Death is inevitable and it can happen suddenly. Yet, most of us do not stop making long-term bets. It is important to prepare for one’s demise --- and one of such preparations is to draw up a will. 

When there’s a will in place, your heirs or named beneficiaries can smoothly inherit whatever you will leave behind for them without unnecessary delays, confusion and possible conflicts coming from those who may want to lay a claim to what you left behind. In addition, having a will can be a way to avoid tax pitfalls as well as feuding heirs. 

And, don’t be too quick to forget the trans-generational lawsuit over an inheritance --- referring to the conflicts at Dickens’ “Bleak House”; for anyone involved, the case didn’t end well, a lawsuit that lingered for several generations --- only the lawyers had a good end in this case.

Also known as death testament or death will, an individual (the testator) engages this legal medium or document to express his or her wishes regarding how their property and possessions should be distributed when they die --- a person’s Will usually include the name of one or two persons (the executor) who will take charge of the estate pending the time for its final distribution. 

What a Will Does

Wills do not just pave way for control over money, they do more. For instance, if your kids are still minors, your last will and testament is there to name guardians. When you die without a written decision on this matter, the government takes over making money as well as custodial decisions. So, make hay while the sun shines, so that your assets can be disbursed to those you will name according to your desire and decisions. It’s not nice to leave such important decision in the hands of others. 

Writing a Will and What is Involved

Do you know that less than half of Americans have a will in place? The statistics is according to a poll conducted by Gallup in 2016. Are you one of those who are not preparing for death by drawing up a will? What does it take to write a will? Where do you start?

In the first place, you may want to embark on a do-it-yourself approach to write a will. In this case, you will find quite a lot of death will examples, as well as some software programs and death will templates online for help. Writing your own will may be effective if everything is straightforward in terms of your family and finances. However, ensure you engage an attorney to crosscheck what you have written. On the other hand, if your family and finances are somewhat complex, you would definitely need the service of an attorney to draw a proper will. 

And, bear in mind that it is not just enough writing a will; according to experts, you need to look at your will again every 5 years, so that you can integrate changes (if there’s any). And, don’t forget to name an executor in your will. 

What are the Legal Requirements?

You can write or make a will if you are over the age of majority and at the same time have “testamentary capacity ---- having sound mind”, with or without the help of an attorney.It’s a must for the testator(s) to identify themselves clearly. The words “last will and testament” are typically written on the document’s faceThe one who makes the will (testator) must declare revoking any previous will or codicilsThe person drawing up the will (the testator) may show the capacity to dispose of the possession in question --- willingly and freelyHe or she (the testator) must date and sign the willGenerally, beneficiaries (one or more) must be stated clearly in the text Learn more about death wills, what is required and other legal requirements.