What is a Will?

What is a will? This subject is one that all of us tend to conveniently overlook. It is a necessary task which need not be morbid.
A will is a very simple way to ensure that your funds, property and personal effects will be distributed after your death according to your wishes.

A will is a legal document designating the transfer of your property and assets after you die. Usually, wills can be written by any person over the age of 18 who is mentally capable, commonly stated as "being of sound mind and body."Without a will to indicate your wishes, the court steps in and distributes your property according to the law. Wills are not just for the rich; the amount of property you have is irrelevant.
A will ensures that what assets you do have will be given to family members or other beneficiaries you designate.

Part of the purpose of writing a will is to name an executor. An executor is the person who oversees the distribution of your assets in accordance with your will. Most people choose their spouse, an adult child, a relative, a friend, a trust company or an attorney to fulfil this dutyIf no executor is named in a will, a probate judge will appoint one.
Probate refers to the legal procedure for the orderly distribution of property in a person's estate.

Responsibilities usually undertaken by an executor include:

Paying valid creditorsPaying taxesNotifying companies and other agencies of the deathCancelling credit cards, magazine subscriptions etc.

Distributing assets according to the willHere are the basic elements generally included in a will:

Your name and place of residenceA brief description of your assetsNames of spouse, children and other beneficiaries, such as charities or friendsAlternate beneficiaries, in the event a beneficiary dies before you doSpecific gifts, such as a car or houseEstablishment of trusts, if desiredCancellation of debts owed to you, if desiredName of an executor to manage the estateYour signatureWitnesses' signaturesYou may freely reprint this article provided the author's biography remains intact:

John Mussi is the founder of Direct Online Loans who help UK homeowners find the best available loans via the http://www.directonlineloans.co.uk website.

John Mussi