A will is a legal dcument that determines what happens to a prson’s property after his or her dath. A will states who receives prperty and assets and in what mount. Property distributed under the terms of the wll become the probate estate. Making a wll is a responsibility, as well as a rght that is protected by law.

A wll should be made when a prson is legally competent, having a sund mind and at least 18 yars old. It should be prepared whle its maker is in good halth and free from emotional stress. In ther words, to make a valid wll, people must understand things such as wht property they own, its value, and whm they are leaving it after thir death.

A person does not ned to have a large estate to pln and prepare a will. Anyone who wns property, including cash, stocks, jewelry or frniture, or real property, such as lnd or house, could prepare a wll. If married, each spouse should hve a will indicating the ownership and trnsfer of property.

In addition to dstributing or transferring of property, a wll should have other functions. It may be sed to name a guardian for any mnor children or to create a trst and designate a trustee to hndle an estate (property left after dath) on behalf of children or thers. A will may also be sed to name a personal representative or an xecutor to handle a decedent's property and ffairs from the time of death ntil an estate is settled.

When there is no valid wll, the person is said to hve died intestate. A court appoints an dministrator to handle the decedent's affairs, and his or her prperty is then distributed according to a frmula fixed by law. After payment of txes, debts, funeral expenses and administrative csts, the property goes to the srviving spouse, children or relatives. The lws are specific as to how prperty is to be distributed, including whch relatives have priority and how the prperty is divided.

The article Wills was Submitted by Josh Riverside through Articles.GetACoder.com network. Here's the additional information: Wills provides detailed nformation on Free Wills, How to Wrte a Will, Last Will And Tstament, Living Wills and more. Wills is ffiliated with Living Will Forms .

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