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Introduction

One of the most important legal activities of each of us is faced with deciding how, after our death, our assets will be used and who will benefit from them. The planning and the drafting of a will is a very significant way to make a powerful statement with these assets. However, a large number of people who die “intestate” (without a will). When this happens the State or other people to decide where and how the estate will be distributed. If your preferences have not been clearly in a will, then it is likely that these preferences did not take place. It is therefore vital that you have a will. It’s a wonderful way of expressing his love for people and organizations who cherish. It is a way to take control of their assets, and make a positive statement.

Guidelines to consider when writing a will

There are four “P’s” of planning:

1. People: Consider all the people who are important to you and who would like to offer. This could include his spouse, children, relatives and friends.

2. Subject: Consider all that you own property including bank accounts, real estate, stocks, bonds, life insurance, pension plans and personal property.

3. Plans: Ask yourself how you would like to provide the people in his life, and how can make this happen. Will the people who are important to you to be reflected in future? Do you have enough income to manage their retirement years?

4. Planners: Who are the people who help you with your financial goals? Consider lawyers, accountants, bank trust officers, securities brokers and insurance agents to help you meet your financial goals.

Tips on Naming beneficiaries

? Understand the limits of a will.

? Know when beneficiaries are required.

? Decide what you get.

? Do not name your estate as beneficiary.

? Do not name minor children as beneficiaries.

? Consider creating a trust.

? Consider tax ramifications.

? name contingent beneficiaries.

? Keep everything updated.

? Make copies.

Frequently Asked Questions

Q: I do not have the will, Where do I start?

A: As a will is a legal document, it is strongly recommended that you consult your attorney.

Q: What about home-made wills?

A: homemade wills can be disastrous. You can omit important details about everything, inadvertently or write articles in a form that can be misinterpreted. Make a will with the help of his lawyer is the only way you can be sure that their wishes will be followed after his death. In drafting a will with a professional, you will save your family a lot of extra concern.

Q: What can I put in my will?

A: Wills are not only about the transmission of their heritage. You can also include specific funeral arrangements, for example, burial, cremation or use of his body for medical research. You can also appoint legal guardians to care for their children if you and your partner must die before they are 18.

Q: Who appointed as managers?

A: Another important consideration when writing your will is the appointment of its managers - people who deal with its assets in the event of his death. Ideals, they must be business ideas relatives or friends or professional advisers.

Glossary of Terms

Administrators. The appointed to administer an estate where there is no will or executor.

Legacy. Like the “Legacy”.

Beneficiary. A person or organization that benefits from his will.

Codicil. A paper making minor changes to his will. It must be signed and witnessed in the same way as your will.

Crown. This means the Treasury, where their money is going to go if they do not have your next of kin and not make a will.

Estate. All belong to you, and you owe, at the time of his death.

Executor. To refers in his will as trustees. These are the persons designated to deal with all its affairs after his death.

Guardians. Those whom you designate to care for their children until they reach the age of eighteen years.

Intestacy. A person is said to die intestate, if he dies without a will valid.

Pecuniary. Legacy specific sum of money given by a will.

Probate. A process in accordance with the law requires in most cases, to formally establish whether it had left a will legally valid and that the executors are.

Legacy waste. The residue of an estate or a part in it.

From waste. What remains of its assets after payment of all debts, expenses, taxes and distribution of pecuniary and specific bequests

Legacy specific. One tangible element, as a gold watch or a ring of commitment.

Testator. The person making the Will.