Life is uncertain and each day is a blessing to be alive. No one knows when their end will come and it is wise to create a dying declaration so that your loved ones like parents, spouse or children can live peacefully and comfortably with the wealth you built and cherished for them. It also gives a chance for any dependants to be taken care of later by naming a legal guardian in the will.
It is wise to make your “Last Will and Testament” when you become reasonably rich by your standards and have more than one dependents. You should appoint an executor of your will in an uneventful situation of your demise. These days it is very easy to use last will and testament templates to make your will and sign it electronically.
What Is a Last Will and Testament and What Does It Cover?
A Last Will and Testament is a legal document made by the person writing the will also called the testator. It is different from the living will in many ways. The will contains the details of the writer’s assets, accounts, interests, legal guardian of your dependents and clauses related to the disposition of these.
The will maker nominates a person as an executor of the will. Also, the will must be signed by two witnesses to be considered as valid. The Last Will and Testament comes into force and is legally binding after the will maker passes away.
Who should Use a Last Will and Testament?
Until a few decades ago, the will was usually made by someone in their old ages when they started to realize that their life expectancy is short. However, life is as uncertain as it can be and anyone in their sound mind should make, sign and file their will and testament to avoid any unfortunate legal hassles to their loved ones or unfair distribution of their possessions in case of their untimely death.
The last will and testament explicitly states the wishes of the deceased with regards to the ownership and distribution of his properties, bank balance, possessions, taxes to be paid, dues, any minor children, pets or other things owned by him or her. The testator should be in a sound mind to make the will and sign it. This is established by the signatures of the two witnesses signing the witness section of the will.
Why is a Last Will and Testament Important and How Does It Work?
The last will and testament is the only legal document admissible in the court in case of any disputes regarding custody, payments or ownership of the possessions of the deceased. That is why it is the most important document one can make and sign on any given date while they are alive and in a sound mind.
The court will rule a case in favor or against a beneficiary of the deceased on the basis of the wishes listed in the will. The signatures of the executor and two witnesses can establish the legality of the last will and make it a valid enforceable document.
How to Form, Change and Revoke a Last Will and Testament ?
The Last Will and Testament is not at all difficult to make these days. One can easily download a ready will and testament template and edit/ modify it to suit his/her individual requirement. People can easily sign it electronically and save it in their electronic signing software account for later referral or amendment.
An already formed last will should be reviewed periodically by the testator to ensure that it still is in line with his/her wishes. The testaments written in the Last Will and Testament form can be re-read and modified in case of any of the below changes in circumstances or relationships in the life of the testator:
- In an event when the testator gets married or undergoes a divorce.
- The assets, possessions or bank balance of the testator goes steeply up or down.
- Any of the will’s executor or the beneficiary passes away.
- Birth, death or adoption of a child.
- Change in wish(s) of the testator.
- Change in the executor of the will.
In case the testator doesn't want to change a will, he/she can revoke the current will and testament and make a completely new one as per his/her desire. In such a case, the testator needs to again appoint the executor of the will if he/she chooses someone to execute the testator's will and get two witnesses to sign on the will as per the regular process.
FAQs
Who is a testator?
A testator is a person making the “Last Will and Testament” document.
What is a testament?
It is the part of a will relating to personal property.
Do I need a lawyer to form my last will?
You do not need to pay a hefty fee to a lawyer to draft your will. You can easily search for a Last Will and Testament form and personalize it to add your declarations.
Will my will be legally acceptable?
If you make your last will using a professional “Last Will and Testament” template from a reputed company, your will may be better accepted in the court as compared to a handwritten will.
Do I need an executor and two witnesses to sign on my will to make it legally valid?
Yes, you need to appoint an executor and the executor and the two witnesses need to sign the will to make it acceptable legally.
Can I make a single will for all declarations?
Yes, you can make a single will for all declarations with regards to everything your own and the beneficiaries.
CocoSign has numerous templates AVAILABLE to form a last will and testament. Do check out and download the one that best fits your requirement. Our will and testament templates are easy to download, edit and sign and have been popular throughout the world for defining the final wishes of a person for his/her possessions and dependents in a legal and fair manner.