The Law of Wills is a set of laws related to the creation and execution of a person’s will. A will is a legally binding statement regarding a person’s desire for how to distribute his or her property after his or her death. A will is also known as a ‘will and testament’.
A will has only one main purpose, which is to ensure that the decedent’s (dead person’s) wishes are carried out.
Making a will is considered an important element of estate planning. A will states who would receive a person’s assets and belongings after their death. In the event that a person dies without a will, then the distribution of the property may remain in the hands of the government or it may become state property.
Main Provisions of the Wills Law
Any sane adult can write their own will. You can write it at any time. It can be done with or without the help of an attorney. Other provisions of will laws may vary by country or jurisdiction.
However, wills law typically includes the following provisions:
The author of the will must clearly identify himself in the will.
It must clearly state that all previous wills are revoked.
The testator must also demonstrate his capacity to dispose of said assets and that he does so freely and voluntarily.
The executor must sign and date the end of the will.
The beneficiaries of the will must be clearly mentioned.
The Dynamic Nature of Wills Law
While the general principles of wills law remain the same, one should look for recent changes in the country’s laws related to wills or even jurisdiction. For example, under new legislation passed by the Parliament of the Australian province of New South Wells, spouses can now automatically inherit the estate of partners who die without a will. Previously, the inheritance had to be divided between the spouse and the children in the event of the partner’s death.
It is a good idea to enlist the help of a specialist when making your will. These specialists make each will a distinct masterpiece by carefully considering your financial circumstances and family commitments. Rosendorff is one of those firms that specializes in well-drafted wills for their clients.
