If the dead could only speak about their regrets, it would be that they have not distributed their real estate properties and assets while they were alive. Almost 50% of family disputes stemming from a situation when decedents have left a large amount of wealth yet with no declared heirs, making everyone a candidate in the position to inherit the deceased’s assets. This is why if you are still able and capable to distribute your assets before leaving for another world, then you should write your last will and testament sooner rather than later.
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What Is a Last Will and Testament?
A last will and testament is a legal document that states a testator’s wish in regards to the distribution of their money, assets, business, and properties. There are many types of wills such as notarial or that which was sworn in the presence of a notary public, unsolemn will wherein no executors are named, and the mutual will which is made by two persons, preferably spouses, in favor of each other. The testament, however, can also be subjected to revocation under special grounds and/or can be contested by other family members especially if they find its validity questionable.
How to Write a Last Will and Testament?
Is it your first time writing a last will and testament? If so, we recommend that you get the legal services of a lawyer first for a consultation or if there are questions that you want to be clarified. If you want to do research on the Internet for references, then that is totally fine, too. Here are some steps that you can utilize and follow when you decide to start writing your document.
1. Get a Template
If you want to write a document without going through the hassle of research and going around for questions, then it is advisable to get a premade template. With a template, you won’t have to make something from scratch, and of course, you can save more time. The last will and testament template also has prewritten content that is fillable and editable, so you only need a few minutes to make changes to the document. It is also quite affordable and you can utilize it for a long time.
2. Write the Details
The details must include vital information such as the date of the execution of the will, the name of the executor assigned by you, the declaration of heirs, and the name of guardians if you have minors as inheritors. If you happen to be single and without immediate kin, as heirs to declare, you can choose to name your beneficiaries such as charity service organizations, close friends, or household helpers.
3. State Your Properties and Assets
In the next part of your will and testament, you can now start subdividing your assets or properties among your heirs or beneficiaries. For example, you can give your small business of a restaurant or coffee shop to a daughter, the house and lot to your spouse, monetary assets to your son, and company shares to your brother or sister. As the testator, no one gets to complain about who gets whom, but it would be best to give out your assets according to their needs. This will also ensure you that there will be less resistance to the will as everyone gets what they deserve.
4. Include Terms and Conditions
Terms and conditions in a living will and testament may vary depending on the decision of the testator. One, if there are minor children involved in the process, you may state that they can only inherit their will if they reach the age of maturity. For an unmarried daughter, they may only get to touch their inheritance the moment they get married (this is applicable to some family traditions and countries), or a guardian is not allowed to take any part of the inheritance from the children unknowingly illegally. This is to make sure that whatever will you left will keep your family or beneficiaries safe from any unfortunate circumstances.
I made a will when I was single. Can I revoke it after marrying?
The will that you made when you were single can definitely be revoked and canceled when you get married automatically. This is because when you made your will, you were not planning marriage. However, it is only revoked when the marriage in itself was valid and acknowledged by the law.
What are the ways to revoke a will?
You can revoke a will when you write a declaration stating that you want to do so with legal grounds and reasons. When you have accumulated a lot of debts on your account, that can also be a ground to change or revoke your current will. Buying new properties and acquiring a large number of assets is another reason to revoke your will.
What happens when a beneficiary dies before they get to inherit the assets from a will?
If the beneficiary dies after the deceased testator yet was not able to receive their inheritance, the asset will automatically be returned to the estate of the deceased. It will then be given to other heirs with consideration on how to divide the inheritance among themselves.
If you want to protect your assets and give them to someone else who you think can take care of them, then it is time you make a will and testament document. Download our editable and fillable version of these templates by visiting our website and browsing through thousands of samples made just for you.
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