The last will is a legal document by a testator that states how their assets and possessions will be distributed. It also expresses their wish regarding custody or dependents and their accounts and interests management.
Generally, a will does not need to follow a specific form and language. However, it must disclose the testator's intent and make detailed dispositions of their property that come into effect after their death. Hence, a valid testament constitutes of the following essential elements:
The appointment of an executor.
A list of property or assets owned by the testator.
A provision that names a personal guardian for a minor and/or at least one provision providing for the allocation of the testator’s property or assets.
A statement from the testator, declaring the document as their will.
Usually, minors share treatment until they are of legal age.
A residual clause for distribution of remaining assets.
Testamentary capacity, it must state that the testator is of sound mind and is writing the will of their own accord.
It is crucial to have a will because it is termed “intestate” or not having a will at time of death, if a person dies without making a valid one. This means that the state becomes the estate's executor, decides how the property will be distributed, who receives the first payment, and even the guardianship arrangements. Therefore, making a will helps prevent or minimize family financial issues during the grieving period, prevent children from becoming wards of the state, and other serious preventable situations.