By creating a will, you can express your desires for the distribution of your assets and money after death. Typical contents of wills are as follows:

• Contains the testator’s complete identity, place of residence, and a statement confirming their ability to make testaments and their desire to do so.
• Names one or more people in charge of overseeing the estate, making sure the will is followed, and taking care of probate procedures.
• Outlines the distribution of the testator’s possessions, including financial accounts, real estate, and personal belongings, among the beneficiaries.
• Identifies guardians for dependents or minor children and describes their duties and the care they will give.
• Needs to be signed by both the testator and witnesses for the will to be deemed legitimate and to meet all legal criteria.

When does a WIll take Effect?

When the testator, the person who drafted the will, passes away, the will becomes effective. The testator’s assets will not be distributed by the will’s legal authority until that point. The probate process is required to validate the will after the testator passes away. During this process, the court officially acknowledges the validity of the will and gives the designated executor permission to handle and split the estate in line with the conditions of the will.

What DON’T Wills do

Wills may have restrictions and may not cover every facet of estate planning. Property held in joint ownership or others designated by beneficiary designations such as life insurance policies or retirement accounts do not come under their management or control; instead, the stated beneficiaries receive the assets immediately. Additionally, some legal requirements, such as paying taxes and debts, must be satisfied before assets can be dispersed; wills cannot overrule these requirements. Furthermore, a will cannot control financial or medical decisions made while the testator still lives because it becomes operative only after the testator dies.

What Does a Will Need to be Valid

A will needs to fulfill a few essential conditions to be deemed legally valid. The person  usually seeks help from Wills and Estates Lawyers Burlington for making the will, that must be of legal age and have testamentary capacity, which denotes that they know the significance of their choices and the nature of the instrument. The testator must write and sign the will, and in the majority of jurisdictions, at least two people who are not the will’s beneficiaries must witness the signature.

Witnesses

• Verifies the signature is authentic and that the person making the will made the will in their presence.
• Notes that at the time of signing, the testator seemed to be mentally competent and aware of the terms of the will.
• Guarantees the signature of the testator’s will is being done so voluntarily and free of any undue pressure.
• Serves as an impartial third party, assisting in making sure the will complies with legal standards and is resistant to potential objections.
• Relates to the validity of the will and their presence during its execution by signing their name to it, usually alongside other witnesses.

Our Wills and Estates Lawyers Burlington have experience in dealing with all types of estate planning and administration, from simple wills to complex blended family situations and transfers of business interests.