9,075
edits
Difference between revisions of "Preparing a Will"
From Clicklaw Wikibooks
→Elements of a will
Drew Jackson (talk | contribs) |
Drew Jackson (talk | contribs) |
||
| Line 31: | Line 31: | ||
Typically, a will has several sections: | Typically, a will has several sections: | ||
* '''Appointing an executor''': The first section of the will appoints the executor. This person is responsible for carrying out the instructions in the will. The will should specify what the executor can do. | * '''Appointing an executor''': The first section of the will appoints the executor. This person is responsible for carrying out the instructions in the will. The will should specify what the executor can do. | ||
* '''Distribution of the estate''': The will says who receives your assets and personal belongings, and under what conditions. The people to whom you give assets are called beneficiaries. You can give people specific gifts of property or cash. The amount left over after debts and taxes are paid and specific gifts are distributed is called the residue of the estate. In the will, you say who gets the residue, and how much. | * '''Distribution of the estate''': The will says who receives your '''assets''' and personal belongings, and under what conditions. The people to whom you give assets are called '''beneficiaries'''. You can give people specific '''gifts''' of property or cash. The amount left over after debts and taxes are paid and specific gifts are distributed is called the '''residue''' of the estate. In the will, you say who gets the residue, and how much. | ||
* '''Minors''': In your will, you should name a guardian for any minor children you have and provide some money for the guardian to cover the costs of raising children. You should also create a trust for gifts you leave to your minor children. Otherwise, their share of the estate may need to be paid to the Public Guardian and Trustee, who will hold their share in trust until they turn 19. | * '''Minors''': In your will, you should name a '''guardian''' for any minor children you have and provide some money for the guardian to cover the costs of raising children. You should also create a '''trust''' for gifts you leave to your minor children. Otherwise, their share of the estate may need to be paid to the Public Guardian and Trustee, who will hold their share in trust until they turn 19. | ||
* '''Other details''': The will can include other details, as you wish, and depending on your circumstances. | * '''Other details''': The will can include other details, as you wish, and depending on your circumstances. | ||
* '''Signatures''': The last section of the will includes the signatures of the will-maker and witnesses. | * '''Signatures''': The last section of the will includes the signatures of the will-maker and witnesses. | ||
