The remainder that is left after all of the specific gifts have been given and all debts have been paid is called the residue of the estate.Ī Will should contain a residue clause specifying how the residue should be distributed. A Will further sets out any specific gifts of property or money that are to be made. The Will may provide for their compensation or it may be silent, in which case compensation is governed by law. Also, it names one or more executors, who will be responsible for administering the estate, and then sets out the powers of the executor(s) in administering the estate. However, the document must disclose the intention of the testator in disposing his or her property.Ī typical Will provides that all debts of the estate including taxes are to be paid first. To be valid, a Will does not need to adhere to any specific form, or feature certain language. The testator changes his or her mind about the provisions in his or her Will.There is a birth or adoption of a child in the testator's family.The executor or a significant beneficiary in the Will dies.There is a significant change in the amount of money and property the testator owns.The testator is unmarried, but has a new partner.It is especially important to review a Will on the following events: The testator understands what type of property he or she owns, the extent of that property, and how he or she intends to distribute that property.Ī Will should be reviewed from time to time to ensure that it still meets the needs of the testator and that the property will be distributed according to his or her wishes.The testator understands his or her relationship to those mentioned in the Will and.The testator understands he or she is making a Will and knows what a Will is.In addition, the testator must be of " sound mind" to make a Will, which means that: In most jurisdictions, the testator must be at least 18 years old to make a Will. Also, it provides the executor(s) with instructions on how the estate should be distributed. The Will names one or more executors who have been entrusted with the duty to carry out the wishes of the deceased. The Will gives directions regarding the distribution of property and the care of minor children, if any, after death, and is the centrepiece of an estate plan. A Will is a legal document that sets forth the wishes of a person (the testator) after death.
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