Testamentary disposition is a legal term that refers to a person’s act of making arrangements for the management or transfer of their assets and possessions after they die. This is typically done through the creation and execution of a will. Testamentary disposition can include not only all the tangible assets such as property and possessions, but also digital assets such as cryptocurrencies, online bank accounts, and social media accounts.
Ensuring Your Assets Are Passed on How You Want Them to Be
Testamentary disposition allows individuals to make sure their wishes are carried out after their death. It enables them to designate beneficiaries and specify how their assets, property, and possessions should be handled and by whom. As testamentary disposition is only considered after a person has passed away, it is vital that the individual provide clear and concise instructions in order to ensure that their wishes are respected once they are gone.
Setting Up a Testamentary Disposition
The best way to ensure that your wishes are levied once you pass is to create a will or trust. A will typically states who should receive the assets upon the death of the testator, including any specific instructions such as leaving a property or cash to a grandchild. Trusts are a more sophisticated version and are generally utilized when courts, complex taxes or special circumstances are involved. These are typically drafted by an attorney and must be registered to ensure they are legally binding.
In most cases, people also name a person or institution to be the executor of the will, this individual or company is responsible for representing the testator’s wishes and making sure all designated assets are passed to the correct people or organizations.
Testamentary Disposition
Testamentary disposition is more important than ever today, with many people having digital assets or other forms of possessions that can’t be passed on in the traditional way. It is essential that individuals take the time to create and execute a will or trust, especially when these assets are involved. It’s the best way to be sure their wishes will be carried out; ensuring their assets are passed on to the people they want to have them.