Types and Preparation of Will
The creation and execution of will for estate planning is imperative for the effective distribution of assets, property, or interest. They will generally be executed by someone who is not a minor and of sound mind. This person is called the testator. This testator shall choose an executor to handle the distribution of the estate. The will may be notarized and must be signed typically in front of the witnesses. Broadly, there are three main types of will, and they are as follows:
Simple will: It is the most common type of will, where the assets will be transferred in the benefactor’s name. The format of this will is simple; without any legal assistance can be prepared.
Testamentary trust will: Here, assets are placed on trust since the benefactor or inheritor of such will is minor or when any event needs to materialize before such transfer. Through this type of will, assets can be placed in the trust and shall be discharged on attaining the rightful age of such a specific event.
Joint will: The couple generally executes it to create a mirror (identical) will. The terms of the joint will cannot be changed even after the death of one partner.
The Rights of Beneficiaries to the Will
Beneficiaries have certain rights and limitations under the will. Therefore, it is important to have clarity in the scope of a beneficiary under the will. The rights of the beneficiary are as follows:
The Right to be informed over the beneficiary’s status and terms of the will, the executor of the will must inform the person about their beneficial status under the terms of the deceased’s will. Also, the executor shall inform the estate/ assets of such deceased person to the beneficiary.
The right to know the status of the deceased’s estate; there may be a situation where there may be some external liabilities or debts of the deceased person. The first duty of the executor is to settle all claims and liabilities and then tend to other distributions. The beneficiary has the right to know the ongoing activities and the extent of the estate is remaining for such benefaction.
The right to receive the inheritance as specified in the will within a prescribed or reasonable time, the beneficiary shall have the right to receive the will as per the specified time as mentioned or otherwise generally within 12 months. The law of each state varies for such lawful receipt.
Rights of Executor in Will
The executor shall begin their role by executing the deceased’s will and shall communicate such role to beneficiaries, financial institutions, and creditors. The executor is responsible for managing the deceased estate and shall use the estate funds or incomes to settle the dues, whether statutory or non-statutory. The following can be considered as rights of executors:
The court can mandate the executor to act on behalf of the decedent.
It shall be the person’s prerogative whether to accept the appointment of the executor or not.
The executor has the right to consult financial institutions, advisors, or anyone who can guide them for settlement.
The executor has the right of reimbursement and will include incidental expenses. This reimbursement is in addition to the compensation for such management of the estate.
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