Will is a legal document that is prepared and signed according to the various formalities framed by the legislation. This document contains a person’s (testator) wishes regarding how her/his property be distributed. Preparing a Will is the only way that ensures the distribution of the assets according to the wishes after her/his demise. A valid Will is required to be in writing and signed by the testator. Moreover, at least two persons should acknowledge as witnesses while the Will is being signed. Preparing a Will turns out to be the only remedy to ensure that the property of the testator goes in the hands of those whom he wishes to.
Even if a Will has been prepared, there arises a circumstance where the Will is being questioned and it happens when the beneficiaries have a conflict regarding how the property is to be distributed. Most of the disputes arise after the death of the testator. Will disputes involve legal issues concerned with outstanding debts or taxes or about the time when the assets will be available for someone. Disputation regarding the distribution of monetary funds and interpretation or application of laws is common. There also remains a clause which states that the Will cannot be contested. Law firms like Barr & Young Lawyers can be consulted to understand regarding the drafting of Will and its execution.
Who are the Beneficiaries?
Beneficiaries are individuals or group of persons or organization who are named in the will by the testator to receive his/her property. Deciding who will be the beneficiary is one of the most important aspects of writing a will. In general, the common beneficiaries include the spouse, children and grandchildren, other relatives, friends, organizations such as universities, charities or religious places etc. While naming a beneficiary in the Will, it is important to use a clear and precise name that is easily understood and read in the Will.
When an organization like religious places or school is named as beneficiary, the concerned officials have to be contacted as the name used by the testator can affect their taxes and mode of using the money. In case there are any specific wishes of the testator regarding how the money is to be used such as to build a building or library or for tuition fee assistance then it too should be specified. It is necessary to update the Will if there is any change in the circumstances such as marriage or birth etc. of a beneficiary.
Find the right Lawyer
It is very important to choose the right kind of lawyer to execute the Will and resolve any kind of dispute, in case arises. Many times the money spent for receiving the inheritance claim turns out to be more. So in order to avoid this situation, it is advised to consult an appropriately experienced lawyer. Barr & Young Lawyers is one of the most experienced in this business who provides initial consultancy for free and then charge a fee based on service provided. Moreover, the lawyer you choose should be specialized in this area.