A will states a person’s wishes about how his or her estate should be taken care and distributed after his or her death in a written document. It comes into effect when the person dies. An estate is a property that a person owns. It is used to describe the assets and liabilities left by a person after death. When the person dies the estate is distributed according to the directions written in the will.
Common Elements in A Will
- Identification of The Family Members – It helps in defeating the claims which are made by the people who claim to be illegitimate children and it helps in solving the matters related to the status of the adopted or stepchildren.
- Tangible Personal Property – It is helpful for making a list of certain items that can be inherited, such as any particular piece of jewelry.
- Minors and Incompetent – It provides for the management of the assets which are left to the minors. If this provision is not there such assets are managed by the court.
- Tax Clauses – Who will pay the tax if an amount is given to your grandchild? Is grandchild will pay it?
- Fiduciary – A person or an institution who will manage and distribute funds, for example, an executor or the trustee.
- Guardian- A person who takes care of the minor child if both parents have died.
Importance of Wills
Creating a will and even power of attorney ensures you that your loved ones are safe after your death. If there is no valid will all the assets will pass to the beneficiaries in accordance with statutory guidelines, it does not reflect the fulfillment of your wishes. Whatever is the size of the estate it is mandatory to have a will.
Whether your estate is small or big it is a very complicated task to handle. Car Law is a firm that provides multiple services related to immigration law, real estate transactions, family law and wills and estate law.
This process of estate administration can be done efficiently by considering the following factors:
- Proper reviewing and interpreting the will which involves understanding each and every detail mentioned in the will.
- Locating and evaluating the assets of the person who has died. Collecting all the detailed information about the assets which are left by the person.
- Beneficiaries should be identified who are going to be benefitted through this will.
- Notifying the creditors.
- To apply for a certificate of appointment of an estate trustee.
- Bank account, insurance policies and all kinds of investments should be dealt with carefully.
- Distributing the assets of the estate and also providing estate accounting records.
How an Estate Is Distributed?
Whenever any person dies who has created a will the estate is distributed according to the guidelines and the directions which are mentioned in the will. In case of an interstate (when a person dies without a valid will) the laws of Ontario on intestate succession need a specific distribution of the estate.
Thus, having a will allows your legacy to live on and to also reflect your personal values and interests. It also increases the value of your estate for your beneficiaries to enjoy.