WILL
A will is a legal document that expresses an individual's wishes regarding the distribution of their property and assets after their death. It is managed by a person you appoint (the executor) who is responsible for handling the estate matters according to the will.
A will takes effect after the testator‘s death. The person(s) appointed by the testator (the executor) must submit the will to the court for Probate. After obtaining the grant of Probate, the executor(s) distribute(s) the estate in accordance with the will.
Establishing a will is essential to ensure your wishes are respected. First, a will clearly outlines the distribution of your assets, allowing you to designate beneficiaries and avoid future disputes. Second, you can appoint one or more executors to manage the estate and ensure the process is carried out according to your wishes.
If you have minor children, a will can designate guardians to ensure they receive proper care. Additionally, a clear will can reduce the risk of legal disputes or litigation, simplify the estate settlement process, and ensuring that your assets and family matters are managed appropriately.
Wills and trusts are both legal documents used to carry out your wishes, but they operate in different ways.
- It takes effect only after the testator's death and is primarily used by the appointed executor(s) to distribute assets.
- It can take effect during your lifetime or after your death.
- It must go through the probate process to be executed.
- It can avoid the probate process, providing greater privacy and flexibility.
- It involves transferring assets into the trust, which is managed by a trustee who distributes them to beneficiaries according to the terms of the trust.
