A will, in layman's terms, is a legal document written by a person during his or her lifetime to explain how personal property will be distributed after his death.
A will can choose the beneficiaries of the estate, including family members, friends, charities or other organisations.
5 forms of wills
What are the forms of wills? There are 5 main types.
1. Notarized will
A notarized will is a will handled by a notary authority.
When handling a notarized will, the testator needs to go to the notary authority to dictate or write the will, and the notary officer will review the authenticity and legitimacy of the will, and after confirming its validity, the notary public will issue a "notarial certificate of will".
A notarized will is signed by the notary public and the testator and stamped with the official seal of the notary authority, usually made in duplicate, and kept by the notary public and the testator respectively.
Note: Heirs, legatees, and persons with an interest in them are not allowed to be witnesses.
2. Self-written will
A will written by the testator himself is called a self-written will.
Article 1134 of the Civil Code of the People's Republic of China: "A self-written will shall be written and signed by the testator, indicating the year, month and day. ”
3. Writing a will
A written will refers to a form of will in which the testator dictates the content and someone else writes it on behalf of the testator.
The Civil Code of the People's Republic of China stipulates that a will shall be witnessed by two or more witnesses, one of whom shall write on behalf of the testator, the scrivener and other witnesses, and shall indicate the year, month and day.
A scrivener is usually made as a last resort when the testator cannot write or is unable to write due to illness.
4. Audio and video recordings of wills
An audio or video will refers to a will in which the testator dictates the contents and records and preserves it with audio and video recording equipment.
Paragraph 4 of Article 17 of the Inheritance Law of the People's Republic of China clearly stipulates that "a will established in the form of a recording shall be witnessed by more than two witnesses".
A recorded will, like a written will, requires the presence of more than two witnesses, and the circumstances of the testimony must be recorded and videotaped.
After completion, the audio and video recordings should be sealed, and the seal should be signed and sealed by the witnesses and the testator.
5. Print the will
It is a newly added form of will in the inheritance section of the Civil Code, which means that the content of the will is written completely by a computer, and then the written will is printed out by a printer.
A printed will should be witnessed by two or more witnesses. The testator and witnesses shall sign each page of the will, indicating the year, month and day.
If the old man writes a will on the computer and prints it out and signs his name and date, the court will generally treat this kind of will as a self-written will when the court hears it.
If the elderly express their own meaning, and others write and print it out on the computer, they will generally be treated according to the standard of a scrivener's will.
Pros of a Will
1. Comply with the testator's wishes: the will can ensure that the testator distributes the estate according to his own wishes; Avoid the risk of property loss after death.
2. Avoid legal disputes: reduce family disputes caused by the distribution of inheritance by heirs;
3. Asset preservation: A will can ensure the property security of children in the event of divorce.
4. Low tax burden: At present, the mainland has not yet levied inheritance tax and gift tax, and testamentary inheritance does not need to face high inheritance tax.
Disadvantages of Wills
1. Strict requirements for witnesses: Some forms of wills (such as scrivener wills and printed wills) require more than two witnesses to be present to witness, and have no interest in the testator and heirs, which may be difficult in practice.
2. Inheritance disputes: In the process of inheritance, disputes often arise over the authenticity of wills, resulting in inheritance disputes.
3. Failure to prevent the loss of assets: If the heirs cannot take care of the assets reasonably and spend extravagantly, the assets may be lost soon.
4. No debt isolation: If the testator has debts during his lifetime, then these estates will be used to repay the debts first.
This article mainly explains the basic knowledge of wills to help you understand the basic concepts, and the next article will be explained with actual cases, so stay tuned!