Will or Testament is a legal instrument whereby a person (testator) creates in order to make decisions on how his or her estate (which may include both personal and real property) will be managed and distributed after his or her death. A power of attorney is a legal document wherein one person (the Granter/Principal) appoints another person or organization to act as an agent on his or her behalf. The granter delegates his authority to the agent to perform certain acts or functions on his behalf. The person or organization you appoint is referred to as an “Attorney-in-Fact” or “Agent.” Legal will and power of attorney has a close relationship. Whenever a testator creates a Will, he definitely requires a person to enforce his Will according to his wishes. Therefore, executor works in the same way as an agent work in power of attorney.
Why it is important to make a Will
This is a bullet-point summary of reasons:-
You choose your own executor to carry out your wishes
You appoint a guardian for your minor children and children yet unborn (Especially for a mother to appoint a father who does not already have parental responsibility. For further information click here
You decide Whole of estate to spouse or partner for life, and residue to others
You decide who is to inherit your property and (sometimes) at what age
Avoids much uncertainty and anxiety and drawn-out procedure for your family
Enjoy peace of mind!
What happens if I die without a Will?
The main statute governing inheritance in Scotland is Succession (Scotland) Act 1964. All property located in Scotland is subject to these laws. If you die without leaving a valid will, your estate will devolve in terms of the rules of intestate succession, as stipulated in the provisions of the Succession (Scotland) Act 1964.
Who is Responsible for Managing my Estate?
The personal representative (executor) named in your Will pays all bills, gathers and protects your property, collects debts owed you, insures that income tax obligations are paid and then distributes the assets according to your plan set forth in the Will.
You may wish to pick someone who is not a member of the family if there could be hard feelings, based on your choice, or if no relative is qualified for the job. Banks with trust departments are often wise choices for this position. If you do not have a Will, the court must choose a personal representative.
How to change a Will
The only way you can change a will is by making:-
a codicil to the will; or
a new will.
A codicil is a supplement to a will which makes some alterations but leaves the rest of it intact. This might be done, for example, to increase a cash legacy, change an executor or guardian named in a will, or to add beneficiaries.
Destroying a Will
If you want to destroy a will, you must burn it, tear it up or otherwise destroy it with the clear intention that it is revoked. You must destroy the will yourself or it must be destroyed in your presence. A simple instruction alone to an executor to destroy a will has no effect. If the will is destroyed accidentally, it is not revoked and can still be declared valid.
Net Lawman is an English company operated by Andrew R. Taylor. Most legal work is undertaken by Andrew and Rajeev Goswami, following are the relevant resource: commercial contracts, contract drafting and powers of attorney.
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