Is There a Minimum Age to Create A Will ?
The uncertainty and inevitability of death occurrence necessitate making of a will one of the most important things one can do in their life. Writing a will is one vital step to ensure the security of your assets, the fire of your family and their protection. A will is a legal written document that dictates on how your property will be distributed, shared with your family or any other beneficiaries. That means that writing it involves consultation with a legal officer such as an advocate of the court.
By writing a will, you acknowledge those who will benefit from your assets when you die. Usually, people leave it concerning distribution property among their spouses and children. Properties include assets such as lands, estates, shares, and bonds. A will is only valid if it meets legal requirements. The law requires at least two witnesses on a will.
When is the appropriate time to make a will? Many people assume that making of a will is a task of the elderly. However, that’s not right. Legally, anyone above 18 years of age can make a will. Every asset you have should be documented.
Once demise is not predictable, but there is need to create it from the time you have assets in your name. It is an updatable document: you can keep making changes as you get changes in your assets and also to update their values. The expansion of the family can also influence the need of will upgrade.
You can decide to make a will at any time. That means you don’t have to be married or to be a parent to make it. However, there are some triggers of will writing or updating, which include the following:
The moment you get married, there will need to have a will, and in case you had one already, it has to be updated.
Once you start getting kids, there is much necessity to write it and dedicate your property to them as you would wish. It’s good to keep in mind that a will does not push you to share your belongings on equal terms nor to specific people. It gives you much freedom to give your properties to persons you see worth to be your properties’ beneficiaries.
The validity of a will involves four significant factors to be met.
1) You must not be less than 18 years of age. The written will must have your signature.
2) You should have two witnesses who must be over 18 years of age and should be part of the beneficiary of the will. They must also sign the document.
3) Your mental capacity at the time of writing must be okay, and as the writer, you must be able to understand the implications it will have to your belongings.
4) The will must be a voluntary action that is not contributed by any pressure from other people.
5) It should state how assets will be shared and the beneficiaries.
Why You Need to Make a Will
Making a will brings forth several future advantages.
o The moment you die, your family gets an easy time to share your wealth as stated in the will. Lack of will can make such actions time consuming as well as rising potential for family conflicts.
o It reduces the inheritance tax amounts that are paid as per assets value that you will leave.
o Will enables free declaration of properties to family in your wish amount. It explicitly gives you allowance to state the individuals who will benefit and the amount of the share they will get. Adopted kids and certain relatives can also be part of beneficiaries. You can also give to charity some portion of your assets.
o It eliminates any authority or laws to decide on the sharing of your properties.
o It gives you a chance to have a say in the conduction of your burial.
For the implementation of a will, it’s necessary to state who will execute the will. If by chance they die before the time of running it, is not affected. Fortunately, you can include more than one executor.