Wills Law is a set of laws relating to the creation and execution of a person’s will. A will is a legally binding declaration related to a person’s wish about how to distribute his or her property after death. A will is also known as ‘will and testament.’
A will has just one main objective, which is to ensure that the wishes of the deceased (dead person) are carried out.
Making a will is considered as an important element of estate planning. A will declares who would get the assets and belongings of a person after his death. In case a person dies without a will, then the distribution of the property may be left with the government or may become state property.
Main Provisions of Wills Law
Any adult having a sound mind can draft his own will. You can draft it at any time. It can be done with or without the aid of an attorney. Other provisions of wills laws may vary depending on the country or the jurisdiction.
However, wills law normally include the following provisions:
The maker of the will must clearly identify himself or herself in the will.
He/she must clearly declare that all previous wills are revoked.
The will maker should also demonstrate his or her capacity to dispose of the said property and that it is done freely and willingly.
The will maker must give his signature and date at the end of the will.
The beneficiaries of the will should be clearly mentioned.
The Dynamic Nature of Wills Law
While general principles of wills law remain the same, one should look for recent changes in the country’s laws pertaining to wills or even jurisdiction. For instance, according to the new legislation passed by the Parliament of Australian province, New South Wells, spouses can now automatically inherit the estate of their partners who die without leaving a will. Previously, the estate had to be shared between the spouse and the children in case of the death of the partner.
It is a good idea to take help from a specialist while making your will. These specialists make each will like a distinct masterpiece by carefully taking into account his/her financial circumstances and family commitments. Rosendorff is one such firm which specializes in well drafted wills for its clients.