A Will is a legal document that outlines how a person’s assets will be distributed after he passes away. It is a way for individuals to express their wishes regarding their property and possessions, and to designate individuals to carry out their instructions. The person creating a Will is called a “testator”.
A Will typically includes information about who will receive specific assets, who will be the executor of the Will, who will act as guardians for any minor children, and who will be the beneficiaries. A Will can be a crucial tool for ensuring that an individual’s property and belongings are distributed in accordance with his wishes, and for minimising conflict and confusion among family members and loved ones after their death.
A Will can be changed at any time by a subsequent Will or a Codicil during one’s lifetime, provided that the testamentary capacity, etc.
Upon making a Will, it does not distribute the assets immediately, but takes effect after your demise (death). A Will is usually contrasted with a Lasting Power of Attorney, which takes effect upon a person losing his mental capacity.