Five Things You Need To Know About Wills
A will is an important document which provides direction and certainty when it comes to matters of assets.
Having a will in place is one of the safety nets that you can have to avoid a Game of Thrones situation amongst your loved ones as they fight one other to get control over the assets you have left behind. It can also be something that can ensure your wishes are followed and ease the stress for your family. These are five things that you need to know when it comes to having a will.
1. It needs to be legally binding
These days it is possible to draft your own will, but it still needs to be verified as a legal document. What this means is that simply writing out your will or telling someone verbally is not enough, it needs to be a legally binding document to come into effect.
Craig Baker, CEO of MiWayLife points out that, “Even if you draw up your own will, it is important that it complies with the formalities of the Wills Act to avoid it becoming invalid. This document can then come into effect if you are unable to make a decision due to terminal illness, disability or should you pass on to ensure that your wishes are carried out.”
2. You can overwrite your other wills
It is likely that you will change your will at one stage or another. This could be for various reasons such as starting a family or one of your beneficiaries passing on. Your latest will is the one that will be followed, making the other ones you have written void.
3. You can appoint someone who will handle your estate
Having a will gives you the power to say what must go where and who gets control over what when you have passed. Estates and the assets that tend to come along with it can cause feuds amongst loved ones. When taking out a will you can appoint someone who will handle your estate along with its assets to ensure that it goes to the right people.
4. You get to choose your beneficiaries
There will be a clause where you will be able to choose the beneficiaries that will benefit from your will. This could be your spouse, family, friends, or a charity of your choice. The option lies with you when it comes to how you want to split your assets.
However, keep in mind that certain beneficiaries can be disqualified from receiving any benefit from the will due to them being listed as a witness when the will was signed or having written the will on the behalf of the testator (the person to whom the will belongs).
5. It should be dated
One of the important things that come with creating a will is having it dated and signed. This is done to prove the validity of the document. This means that the witness should be there with you when you sign.
Always remember that your situation will differ from the next person. You have an option of applying for a legal MiWayLife Will online to make a will that is tailored for you.
