WHAT IS A WILL?

Law Trusts And Estates Law
07-Apr-2021
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A will is a type of binding testamentary document. In simpler words, a will is a written document that lays down the wishes of a testator regarding the distribution of funds and assets and also guidelines of a minor child’s care after his death.

When the person dies without a will, then the decision for the estate distribution can cause strife between the family members or judges or state officers has to decide for the same.

 

Which parties are involved in the execution of a will?

The formation and creation of a will involve two parties, i.e. Testator and Executor.

A testator is known to be a person who is making a will. Whereas Executor refers to that person or group of people, a will creator has chosen to look after your estate and affairs. The executors will carry out all the duties as per the wishes written down in the Will.

 

What all can a testator include in a will?

A will is a written document that showcases the Testator's desire, when and how will get the estate of him/her. The following are the inclusions of a will.

  • A will majorly allow you to guide how your assets can be dispersed, such as bank accounts, valuable properties, or other assets. Your Will indeed decide when and how the Executor will inherit the estate of your investments and business.
  • A will also enable you to give them the power to direct your estate to the charity or various NGOs as per your reference. Moreover, creating a Will can ensure that the wishes of the Testator are followed accordingly.
  • In addition to the directions of distribution of estates, it also guides the executors about the custody of the Minor child of the Testator.
  • A Will also states the exclusion of estate assets like the joined family or ancestral property for distribution. If such a thing is stated in the Will, then it will be considered as void Will.

 

What are the benefits of a will?

  • Low Pressure

Creating a will can reduce the pressure level at such a difficult time of the Testator’s demise.

  • Controlling Conflicts and Certainty

A will is a way to control the powers of the executors or beneficiaries over the wealth and estate. This step will result in harmony and certainty among the family members and executors who manage your estate after you.

  • Prevention of Intestacy

For avoiding intestacy among the people around the Testator, it is better to create a will. Moreover, the Testator will receive his/her choice to pass their estate to their executors. 

  • Tax Planning

If you create a Will, then it can be a great help for you to save estate funds on taxes. Even the Testator can gift or donate his/her estate to the charity, which will result in huge tax saving.

 

Conclusion

A Will is a legal declaration by the testator or living person who creates the Will. However, Will is not a contract or an agreement or a settlement document. It is only a written document for fulfilling the wishes of the Testator after his/her death. 

 

Author: Shradha Kabra