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What is a Living Will
A Living Will is also known as “Testament”. It is a process where a person can distribute his property among his loved ones which can help them in future after the death of the owner or property holder. The word Living Will applies to both personal and real property. If no one takes care of your property after your demise or in some cases it can also be handed to an unreliable person after your death. Therefore you need to select an appropriate person who is capable of being a new owner.
In simple language the Living Will is made by the owner of a property in which he can give the authority to another person to hold the ownership after previous owner dies.
Process of making Living Will
The most important question which occurs is “How to make a will?”
You can create your own Living Will in few simple steps:
Get a free will form on LegalDocs website & start drafting your will in it
Provide your scanned documents as per requirements.
Name a Living Will executor.
Describe the way to distribute your assets in the Will.
Download and save your document in Adobe .pdf or editable .docx
Eligibility for making a Living Will online
- The one who knows what is meant by Living Will and knows why it is required.
- The one who can realize in general terms the amount of property which will be disposed.
- The one who is eligible to make their own decisions and knows who is liable to get the future ownership.
- The one who is above 18 years of age.
- The one who understands the relationship of the person mentioned in the Living Will format.
Benefits of making a own Living Will
- You can choose the future owner as per your wish which creates peace of mind for yourself.
- Protects your assets or property.
- Helps creating ease in your loved ones’ life.
- Can show a clear cut idea about your wishes and what you exactly want after your death.
- Reduce inheritance tax.
Dying without a valid Living Will is called intestacy
- If a person dies without making a Living Will then the law will decide who will get what and in which amount, which can be against your wish.
- The court will not look after the relationship between you and that person, whether it was good or bad.
-Incase a person is married and have not registered the marriage and dies before making a Living Will then the partner is not liable to get any part of the property.
- If a person dies with no close relatives or they don’t stay close then the entire property will be distributed among the government.