Tuesday, December 18, 2007

You and your Will

You and your Will

A will is a person's last instructions for his property to be distributed according to his wishes plus other instructions to be carried out. The person who makes the will is a testator.

Why do you need a will?

1. Look after your assets and your family: A will will allow you to take care of your family and your assets in future the way you want it to be.
2. It's lawful to make a will: You are exercising your right to write a will. By doing so you are able to appoint an executor of your choice to handle your affairs after death. You can also engage a guardian of your choice for your children who are still below the full legal age.
3. Fewer hassles: With a will you can be sure that your assets will be distributed smoothly and quickly.
4. Flexibility and control: While you are alive you are in control of your assets. You can dispose off part of it or sell all of them or draw up a new will to replace the previous one. The will is only effective upon your death.

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