Question

Edward Lai and Teresa Tai have been married for 20 years and have a 16-year old son, Brian and a 10-year old daughter, Carmen. Teresa is a housewife since their marriage. The Lai family lives in a 576-square foot flat owned by Edward as sole owner. The flat is now worth $9 million. The outstanding mortgage on the flat is $3 million with a remaining term of 9 years.

Currently, Edward is confirmed to have a lung cancer. He wants to make a will to protect his family. Explain him what a valid will is and how it is important to him.

Answer 1

Edward is confirmed to have lung cancer. He wants to make a will to protect his family. He will require to protect and support his loved ones after his demise so requires a Valid Will. He has a son who will going to college soon and a daughter studying at school. Their flat is 9m and mortgage is around 3m. So he needs a valid will which

• A valid will is a legal way to transfer your assets to those you love
• It consists of how your property will be divided and who will administer it
• An individual must be of legitimate age to make a will. Most states consider you to have a legitimate limit on the off chance that you are 18 years old or more seasoned, have been legally married, or are an individual from the U.S. military.
• In many states, an individual has 'testamentary limit" in the event that they have a sound personality, which means the deceased benefactor must realize that the person in question is causing a will and its impact; to comprehend the nature and degree of the home; and comprehend that the individual in question is discarding property and resources.
• An individual has intent to make a will if at the time of the signing, the person means to make a revocable disposition of property in case of their demise.
• A will must be deliberately gone into and marked by the departed benefactor. A will executed by an individual who was constrained into marking the will, or who marked the will under coercion, isn't viewed as a legitimate will.
• A will should appropriately discard the departed benefactor's property. This incorporates posting all property and resources and appropriately circulating them among loved ones as indicated by the departed benefactor's desires.
• A will can be written by hand on a solitary bit of paper or extravagantly composed inside different pages, contingent upon the size of the bequest and inclination of the departed benefactor. It should likewise be marked and dated by the departed benefactor before two "unbiased" witnesses, who should likewise sign. Unengaged observers incorporate the individuals who won't actually profit under the will