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Before death, it is best to make a will that includes everything you need. But… What can be regulated through this document?
Identification of the testator
The testator is the person who grants the will, that is, the person who is making the decisions about the distribution of his or her assets.
Therefore, it is important to begin with a clear identification of the testator, including full name, address, and a statement that he or she is of sound mind.
Identification is essential both for the validity of the document and to avoid any possible confusion or dispute over the identity of the testator.
Designating beneficiaries in a will
One of the main reasons people usually make a will is to designate the people or entities who will receive the deceased person’s assets, i.e., the beneficiaries of the will.
Beneficiaries must be clearly identified with their full names and other details to help avoid confusion.
Before naming beneficiaries, the testator should carefully consider who they are leaving their assets to because it has significant legal and emotional implications.
Distribution of assets in the will
Once the beneficiaries of the will are defined, it is time to distribute the included assets among all of them.
The testator must explain in detail how he or she intends to divide his or her assets among the beneficiaries. Common assets include real estate, bank accounts, investments, personal valuables, and any other assets the testator owns.
The best way to avoid problems and misunderstandings is to be very specific and clear. Another good option is to include a list of assets and their estimated value.
In this section, you can regulate the distribution of money in bank accounts and life insurance policies.
Legacy
Another very common clause in wills is the legacy of assets to individuals or entities.
A legacy is a succession institution through which the testator leaves in his will a specific asset or right to a person, who is called a legatee.
The main difference with the heirs is that the legatee does not receive the entire inheritance or a percentage of it, but rather the specific thing that the testator has provided.
An example could be an animal lover who decides to bequeath a property to an animal shelter.
Limitations on the transfer of assets
There are people who worry about what will happen to their property when they die.
The document allows for limitations to be introduced on the transfer of real estate to prevent certain assets from ending up in the hands of third parties due to sales, donations or inheritances.
Appointment of an executor
The executor is the person responsible for ensuring that the testator’s wishes are carried out as specified in the will.
Therefore, choosing a reliable executor is very important, as this person will be responsible for managing the estate, paying debts, and distributing assets according to the testator’s instructions.
One recommendation to follow is to select someone who is impartial and has the ability to handle this responsibility efficiently.
Instructions for payment of debts and funeral expenses
The funeral entails expenses related to the burial or cremation of the deceased.
The will can direct the executor to pay all outstanding debts, as well as expenses related to the funeral.
The document will include instructions on how these obligations should be resolved. It may even include the assets used to cover the expenses.
Conditions for receiving the inheritance
Some provisions may be added where there are conditions for receiving the inheritance, depending on the fulfillment of the assigned duties, such as caring for the testator in the last years of life.
This must be done with care, as the interpretation of these precautions can lead to legal disputes.
Guardianship of a minor
In the case of minor or incapacitated children, a legal guardian can be appointed to take care of them after death.
Pet care
Pet care establishes the care a pet should receive after the owner’s death, including naming an executor in charge of that care.
Disinheriting a child
Depriving a child of his inheritance means depriving him of the right to receive his share of the property.
And there are people who don’t want to leave part of their inheritance to one or more children. They can do this too. A good will must begin with the correct identification of the testator and beneficiaries. Then, it’s time to distribute the existing assets among them and arrange for any desired bequests. You can also name legal guardians and set limits on the transfer of assets or disinherit a child you don’t want to receive anything.
Further information
This article is part of our service Inheritance in Spain. Visit this section where you will find all the useful information on this topic, including a complete guide on Inheritance in Spain with a non-resident, expat or foreigner.
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