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A Will is a legal document in which the maker of the same directs the mode and manner of distribution of his property after his death. A Will may contain instructions on such matters as last rites, burial, guardianship of surviving minor children, etc. In the absence of a Will the maker has no say over the distribution of his assets upon his death, which will take place as per legal stipulations of the concerned jurisdiction.
It is advisable for every adult to make a Will since death is the only certainty. Moreover, there are always chances of life being cut short by unforeseen untimely death.
A Will can help the maker in many other ways as follows, to indicate some:-
- It can provide for most efficient transfer of property to heirs
- It can reduce taxes in connection with transfer of property
- Nominate a guardian for minor surviving children to take care of them and to look after their property and assets until they reach adulthood.
- Designate a trusted person for the proper settlement of the estate
- Put in place a financial plan for the continued support of the near and dear ones
- Make a bequest to the preferred charity or the preferred educational or philanthropic institution.
Although the maker executes Will during his lifetime, it takes effect only after his death. The maker should update his Will from time to time in view of the changed circumstances in his asset configuration, change of preference regarding beneficiaries, change in marital status and so on.
(More http://www.state.gov/s/l/c3562.htm)
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