Basic Components Of A Last Will

October 25, 2019

Basic Components Of A Last Will

Life remains uncertain for everyone. Even in this age of artificial intelligence and state of the art healthcare facilities built in Canada. Natural catastrophes like earthquakes, floods, hurricanes, and tornadoes are becoming more frequent and aggressive with time. Apart from natural disasters the unnatural causes of death like road accidents, disasters, and criminal activities also contribute to the uncertainty of life. From this perspective, people around the world get their last financial will prepared to distribute their wealth among their family and other dependants minimizing the chance of a conflict.

Significance Of Personal Will

Financial advisors recommend their clients should prepare their last will, this can minimize the chance of any conflicts that can arise in the dependants of that person. It also reduces the chances of a legal challenge a person may try to impose on the deceased person’s family for any type of financial requisites. Having a financial Will prepared can be beneficial as it can give you an overall sense of relaxation by knowing you have taken care of all the financial liabilities in your life and dedicate your wealth to the people you deem best fit.

This short blog is devoted to providing you with information about the basic components of a personal last financial Will. It is important for everyone to know about the parts and the beneficiaries of one’s personal Will. It serves as a great instrument for managing a person’s last wishes after his or her death. The family of the deceased is also content once they know that the Will was created when the deceased was alive and had it created as per his or her liking. Mainly, there are three components of a personal financial Will, which are explained below.

The Beneficiaries

Beneficiaries of a will, are people that are named in the will of a deceased person. These named people can be family members of the person deceased, any individual that was connected to the deceased person or they can be an organization. Beneficiaries are usually the members that will benefit from the will. Professional financial planners suggest to include members of the family that might not benefit from the will as well. Their inclusion in the will show that they were considered by the deceased person and therefore they will not be able to legally challenge the will.

The Executor(s)

The second most important component of the will is the executor of the will. These are the designated professionals who actually gather all the assets of the person who made the will. Payoff their liabilities and outstanding debts. The executor or executors are also responsible for maintaining the income tax returns of the deceased person. Finally, these executors distribute the remaining assets and any type of wealth left behind to the beneficiaries as per the given instructions in the will.

Body Of The Will

Lastly, we have the body of the personal will. This component deals with wealth details and how they should be distributed to the beneficiaries. It is in this part, the person makes his or her decisions regarding the assets they own. Financial advisors that deal in preparing the will offer great insights that help the person whose will is being made decide what to do with their assets and how to manage the liabilities in the best way possible.

Kewcorp Financial is comprised of a team of highly professional and vastly experienced financial advisors. To see what services we have to offer just visit our website or call us directly to obtain all the information you may need for preparing a personal will of your own.

Did You Know

A personal will is prepared in a holistic approach by dedicated financial advisors who look deep into your financial conditions and then prepare options for your ease in making a decision.
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Jim Kew

Financial Planner
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Scott Kew

Financial Planner
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