A will or testament is a document by which a person (the testator) regulates the rights of others over his property after death. The requirements for the creation of a will are:
- The person must be over the age of 18 years.
- The testator must clearly identify himself and declare that he revokes all previous wills and codicils (attachments).
- He must declare that he is acting freely and willingly.
- He must sign and date the will, in the presence of two disinterested witnesses. The testator’s signature must be placed at the end of the will.
When a person dies, a probate proceeding is initiated to take care of his property. The will usually names an executor, who is assigned the task of carrying out the wishes of the testator. A probate proceeding also helps to ascertain the validity of the will. For this reason, it is better to take legal advice while drafting a will, although the law does not make it mandatory. If there is some technical mistake in the will, it can be declared invalid by the probate.
Wills are of different types. A holographic will is signed and dated in the testator’s own handwriting. It is common in emergency situations when the testator is nearing death. A joint will is a single document signed by both the husband and wife, which makes a disposition of their property on the death of either or both of them. A "pour over will" places the assets of the estate into a trust that is created during one’s lifetime. |
