There are millions of people all over the world who die without a valid will. Their heirs may face serious problems while dealing with their property or how they should divide it amongst themselves. Thus, it's very important to draft a will before death and divide the property amongst the heirs. So, let's have a look as to what a "will" is all about:
A will is a legal declaration by which a person names one or more persons to manage his/her estate. It also provides for the transfer of his/her property at death. You can draft a basic will for yourself by using a good self-help book or software. With the help of a will, you will be able to achieve the following:
- It will help you in naming a guardian to care for your minor children, if any.
- It will also help you name the person who will manage property you leave to minor children.
- It will help you leave your property to the people/organizations you choose.
- It will help you name the executor of the will.
A basic will is enough for you when you're in a pretty good health and not more than 50 years of age. Moreover, you don't expect to owe estate taxes at the time of your death. However, if you want to control your property even after your death, then you may need a specialized will for which you need to hire an attorney who will help you draft the will. Controlling property even after death, for example, may mean that you leave some of your property for your child in a trust and want to have it go to your grandchildren after your child is no more.
Once you prepare/draft the will and sign it in front of your witnesses, it's very important to store the will at a safe place. You can use your bank's locker to store the will. If you wish, you can even keep your will with your attorney. You can even tell your executor where you have kept the will and how to get access to it when the time comes.