Why does a person make a will and what does it mean?
A will is a legal document that basically details the distribution and transfer of your assets and liabilities in case of eventualities like death. It is a document that must be prepared in time to ensure your assets are well taken care of, and that they remain with your family and the people who rightfully deserve to own a share or stake in it.
Some common terms related to wills
Will Maker :-
The person who is making and signing the Will.
The Guardian :-
In case there are minor children involved, left behind due to the unforeseen death of the will maker, the court will accord the management of the assets and the will to a Guardian as appointed by the Will Maker or next of kin. This will ensure that the minors and their rightful claims are well looked after along with the estate until such time that they are of legal age to take charge of the same on their own.
The Beneficiary :-
This is the person who is accorded some share of the estate or property in the will.
The Bequest :-
There are many people who touch our lives. Sometimes, it is vital for us to protect the interests of these people even in death, or at least show them our support as a token of gratitude even after we have passed away. These people may have been of great service at a time of need. This person is given a bequest of a gift of personal property, as stipulated by the Will Maker in the Will.