Know the participants in your Will

A person's (the testator's) desires regarding the distribution of their estate, which includes both movable and immovable property, are expressed in a will or testament. Additionally, it designates who (executor) will be in charge of the property up until dispersal. A will is a crucial legal document that exactly and concisely outlines a person's wishes.

Now, let's discuss more about wills. Did you know there are different types of wills? While a written will is the most likely to be accepted as valid, there are some other types of wills too whose degree of validity may vary according to circumstances.

Holographic Wills

Holographic wills, which derive from the less frequently used secondary meaning of the term holograph, which means a document hand-written by its author, are wills written and signed by the testator but not witnessed. Such wills are frequently used when there is a lack of time and witnesses, such as when the testator is trapped in a potentially fatal mishap.

Oral Wills

Oral wills, in which the testator expresses their desires in front of witnesses, are the least well-known. Oral wills are rarely recognized by courts because they lack a written document, or at least one that was created by the testator. Typically, only oral wills by mariners at sea and soldiers/airmen involved in combat are accepted.

Pour-over Wills

A pour-over will is a different kind of will that is utilized along with setting up a trust into which your assets move.

Joint wills

Such wills are frequently used by married couples to distribute the properties and assets they own so that the children will inherit the property or assets.

Mutual Wills

Usually, a married or committed pair will-executes in this manner. The conditions of the mutual will are binding upon the surviving party following the death of one party. Mutual wills can be used to make sure that property goes to the deceased person's children instead of their new partner. Although they sound similar, a joint will and a mutual will are not the same thing.

Conditional or contingent Wills

Such wills only take force under specific circumstances. You may mention specific members in a will such as children, a spouse and so on. Each of these participants have a specific role which will be as follows-

1. Testator

The testator is the individual who drafts the will. When the testator dies or shortly after, the terms of the will take force. A testator must autograph a will after drafting it, and two witnesses must also sign it. If the testator is unable to sign a will for a legitimate reason, another person may do so under the testator's guidance and in his or her presence. To be an executor, a person must be at least 18 years old.

2. Executor

This is the person chosen to manage the estate and carry out the testator's desires. An executor is designated in a will and receives power from the document. An Executor is a party that the Will specifically names or implicitly designates as the testator's legal agent after the testator passes away (and leaves a Will). An executor is a person who manages the distribution of a deceased person's possessions in accordance with the instructions of the deceased testator as stated in the will.

The role of an executor in a will is crucial for carrying out the testator's wishes after his or her death, but the executor has no role to perform during the will's drafting other than to accept or reject the roles and responsibilities of the respective executor.

The process of succession, inheritance of the assets, and settlement of the testator's obligations and liabilities will be impacted if there is no executor and if there is disunity among the legitimate heirs of the deceased testator.

Each legitimate heir claiming an interest or share in the estate of the deceased Testator must establish their claim and file for letters of administration or a succession certificate in the event that there is no Executor and the Will is contested.

Hence, the role of the executor is one of utmost importance and it is highly recommended to mention an executor while drafting a will.

3. Guardian

The person designated as the guardian is responsible for the care and safety of the assets of minor children. The surviving partner is given guardianship by default, but you can designate someone as a joint guardian if necessary. In order for the trustee and guardian to fulfill their duties impartially and without interference, it is ideal for different people to be chosen for each position.

4. Trustee

Despite similarities, the functions of trustee and executor are distinct. Trustees are those who look after your possessions while the executors are those who carry out your will after your passing. For instance, the trustee will intervene on behalf of the minor beneficiaries to handle your property and assets in accordance with the directives in the will.

The duties of a trustee may include:

• Investing and property management
• Use of money
• Distribution of the trust estate
• Keeping the assets in trust for recipients who are minors, etc.

They are permitted to act on behalf of the recipients and are prohibited from exploiting the assets they have been given. In a will, the same individual typically fulfills both the functions of executor and trustee.

5. Beneficiary

The people designated in a will to obtain property are known as beneficiaries or heirs. There is no restriction on the number of beneficiaries you may designate, but individuals under the age of 18 are not eligible to receive assets in their own names. As a group, they are known as small beneficiaries. When the beneficiary reaches the age of 18, the executor/trustee will move the assets into their name while safeguarding and holding them in trust until that time.

6. Witnesses

These are the individuals who confirm and observe the testator's signature on the will. Any two people, who should ideally be non-beneficiaries or their close relations and younger than the will maker in age, are legally permitted to serve as witnesses when drafting a will. However, it is wise to choose witnesses who are trustworthy, sincere, and truthful and who have no personal stake in the will or who will not receive anything from it. Any witness must personally attest before a judge that the will was signed in his or her presence in order to validate it in the event of a challenge by anyone.

It is not necessary for witnesses to peruse a will's contents. According to the law, all witnesses need to do is swear (sign) the will to certify that the testator, or person who created the will, did so in their presence, did so voluntarily (without being threatened or coerced), and did so while being of sound mind.

So, what Is Covered by a Will ?

You can specify how your assets, such as cash in the bank, real estate, or priceless items, should be distributed by making a will. Your will can stipulate who gets your business or investments and when if you have either.

You can also designate a charity (or organizations) to receive assets through a will. A will can also ensure that your wishes are followed if you want to leave assets to a business or group.

While the majority of your assets are usually protected by your will, some aren't. Payouts from the testator's life insurance coverage are among those omissions. The profits will be distributed to the named beneficiaries of the policy.

Since you know that making wills is not mandatory, it is still important to draft a will as certain issues can arise when there is no will. The term "intestate" refers to a person who passes away without leaving a Will, meaning that there are no instructions as to how their assets should be divided and dispersed. The household could experience any of the following issues-

The court's succession process takes longer than it should.

If there are multiple inheritors, the division of the assets may result in tense disputes because of their potential differences.

Contrary to a person's wishes, state legislation may divide their estate between their surviving spouse and children.

If there are no heirs, the state may receive the land instead of friends and family.