Roles of the Testator
Wednesday, June 24th, 2009 at 9:39 am
A testator is a person who will decide on the beneficiaries of their estate. If there’s no will, the estate will just be divided according to laws of intestacy, and this may result in another outcome which is not the wish of the deceased.
For instance, significant sums of money may pass to the children instead of the surviving spouse. Though it may be desirable to have some funds for the children, the testator can provide a limit or the final decision on the beneficiaries that he or she decides to give benefit to.
Also, the testator can select an individual to be their executor. This individual will be responsible for administering the estate of the testator. Testators should not only choose individuals that they trust, but most important, those whom they think can cope up with the stress of the role. Also, the executors may need to apply for insurance in order to protect the estate.
Every testator should make sure that he or she has an accurate and up-to-date will since a well-drafted will may also be a very vital tax-planning tool. More people can be caught up with inheritance tax or death duties, but these can be avoided easily if the testator seriously considered the creation of a will.
Tags: beneficiaries, estate, executor, inheritance tax, intestacy, testator, will