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What is a Will?
A Will is a written document that states who you want your assets and money ("your estate") to go to when you die. It is a temporary document and can be changed at any time by a subsequent new Will during your lifetime. If it is done so, then the new Will will supercede the old one.
It does not distribute your assets immediately upon the making of the Will, but takes effect after your demise. Therefore a Will will only be effective when you die.
If you are 21 years and of sound mind, you should make a Will as soon as possible. Although most people die from old age, some unfortunate incidents such as plane crash, terrorism, war or natural disaster may prematurely terminate our respective lives.
You should state the person(s) or organisation(s) to whom you wish to give away your property and assets. For example, you may give away your house, car, shares, insurance policies, bank accounts, cash and jewellery to family members, friends or to charities.
A Will is your last Testament.
The mecahnics of making a Will defers from country to country.
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