A will is a legal document in which an individual regulates the legal rights regarding their property and possessions following their death. Wills help a person's assets to be handed out to their surviving loved ones, or to anyone or any financial entity, as per the wishes of the deceased, not as common law would dictate.
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Function
Along with helping to spread the wealth around the way that you want to, a will also allows more of your money to end up where you want it, not in the hands of the government.
Types
There are several different types of wills, including living wills and traditional wills.
Warning
Wills that aren't properly documented and set up can be challenged in court and often don't stand up to a legal examination.
Geography
The laws regarding wills vary immensely from place to place, which is why it's usually a good idea to see a probate attorney or estate planning attorney for help in setting up your will.
Time Frame
The last legal will that was properly executed by a person is the one that is legally binding at the time of their death, making all previous wills obsolete.
Expert Insight
Those with very little property or material wealth need not worry about getting a will unless they're extremely concerned with who will get their limited possessions at the time of their death.
Fun Fact
The person in whose name the will is written is legally referred to as "the testator."
