LAST WILL & TESTAMENT Wills
are typically made up of a bequest that describes to whom assets should be
distributed, such as a spouse, brother or grandchild. Beyond this, a will
may also provide some specific instructions about dividing up property and
to whom. A will oftentimes has specific requests like wanting your
motorcycle to go to a friend or having your items donated to a charity.
Additions to wills, known as letters of instruction, can be created for
items that might not merit inclusion in a will, but nonetheless need to be
distributed. These letters, which can be very detailed, might arrange for
the disposal of old files, instructions for tasks like the upkeep of a
home or what to do with a loyal canine companion.
Take note that letters of instruction are
not legal documents so, items of personal importance or high value should
only be included in a will. The person making a will is called the
testator. Those specifically receiving items stated in the will are called
beneficiaries. On a side note, the term "heir" actually applies to those
who inherit an estate when no will exists. When a testator creates a will,
he names an executor to handle all the administrative aspects of the will.
The executor's primary responsibility is to ensure that the will is
executed based on the wishes of the testator and that the items named in
the will are correctly distributed to the beneficiaries. Executors might
also oversee things like the paying of taxes on an estate. The executor is
commonly an attorney or someone who is not named as a beneficiary in the
will.
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