To direct how your personal belongings, like bank balances, prized possessions, assets, and property are distributed after your death, a will is made. For business owners or investors, a will allows you to specify a person or a collective group to receive those assets at a time of your choosing after your death. With a will, one also has an option to direct their assets to a charity or organization of their choice. If you choose to leave your assets to an institution or multiple charities after your death, a will can carry out your wishes.
Many life insurance policies interfere with the outcome of a will, although wills cover all of the assets you’ve left behind, there are some that aren’t covered by the testator’s life-insurance policy. There’s no denying that these policies are similar to wills and have specific beneficiaries, the people specified are the ones allowed to receive the proceeds. This is a similar meta for investment accounts, these cases usually fall under a guideline and are known as “transfer on death”.
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What if there’s no one left to collect my will?
An important exception when it comes to wills is if the person getting compensated for the death of an individual had passed away before the testator, the will is then left in the hands of the court and is distributed to the people they think are fitting to the matter. The part of the judicial system that handles wills and related matters is known as a probate court, a person who doesn’t write a will and someone who has no one left to collect their will, will both find their cases being reviewed by a probate court, often resulting in an outcome one wouldn’t be happy with if they were still alive.
Although this doesn’t have to be the case for every will that’s left in the dirt uncollected, a will that is well made and has been proven to be legitimate by a solicitor can indeed have a bunch of alternative people to collect the assets after someone’s passing, these alternatives are ruled in favor of to inherit the assets by a probate court when the primary party has already been deceased.
Apart from directing your personal belongings, assets, monetary gain/loss, property, etc. A will can also allow your minor children to be taken care of by an individual of your choosing, most commonly a godfather or godmother in the event of your death. This way your children are looked after even after facing such a tragedy, this is why the importance of a will shouldn’t be undermined.
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Is there an easy way to write wills?
Why yes there is, while we are all stuck in a global pandemic and a crippling economy, there’s no reason for you to go outside and put your health at risk when you can just get online wills. An online will works in a similar way to how you’d have a will written in person. You’re given a bunch of questions that the solicitor requires answers to, and after having gone through them a solicitor can legitimize it and make a paper into a legal document. This is a completely legit option that we urge you to comply with, so give it a shot and make sure your loved ones are fairly treated after your passing.