Know what a will is and be prepared!

What is a will?A document in which you write down in advance how your property will be divided after your death, or your thoughts and instructions that you wish to convey to others.... This will clearly communicate your wishes and special instructions on how your estate is to be distributed. By creating a will, you can ensure that your family and loved ones receive your estate according to your wishes and help prevent problems later.

I hope that today we can sort out the right knowledge about wills and take the first step in creating a will.

Know what a will is and be prepared!

Purpose of making a will

A will is a document by which an individual leaves how his or her property is to be distributed after his or her death or other personal instructions. A will is an important means of clarifying one's wishes regarding one's estate and has the following purposes

1. Designation of method of distribution of property: You can give specific instructions on how and to whom your property (real estate, deposits, stocks, etc.) should be distributed. This allows for a distribution that differs from the legal inheritance share.
   
2. Bequests to specific persons: You can make a gift (bequest) after your death to your legal heirs or to a specific individual or organization (such as a business or charity) other than your legal heirs by individually designating specific property to be given to them.
   
3. Designation of Guardian: If you have a spouse or minor child with dementia, you can arrange to protect his or her future by appointing a guardian.
   
4. Appointment of administrator of inherited estate: "administering and distributing the estate".executorYou can designate an "executor" to be the executor of your will. The executor is responsible for administering and distributing the estate in accordance with the will. To prevent disputes among heirs, a third party with legal knowledge, such as an administrative scrivener, is usually appointed.
   
5. Funeral Instructions: You may include instructions regarding your funeral or burial arrangements. For example, directing that certain religious rites be performed. In recent years, the practice of scattering ashes, in which remains are poured into the sea, has become increasingly popular. It is important to check in advance when scattering as it is necessary to follow the law and local regulations.
   
6. Leave your own thoughts: In a will, you can leave your wishes for your remaining family members as an addendum. In addition to the reason for the distribution of the estate, you can also leave words of gratitude. This is a great way to prevent disputes during the inheritance process.

Types of Wills

The will is,Very strict requirements are set forth in the Civil Code.It can be created in the following three formats
Whichever form of will you choose to make.If the will is not in a legally valid form, the will itself will be invalid.The following is a brief overview of the process. It is recommended that it be prepared with the help of a professional, such as an administrative scrivener.

• will and testament made by one's own handwriting: In a handwritten will that you create yourself,Full text must be written in your own handwritingIt must also be dated and signed. While this form is relatively simple and inexpensive, it is recommended that it be prepared with the help of a professional, as it may be invalid if it does not conform to the law.
  A new system for the safekeeping of wills at legal affairs bureaus began on July 10, 2020. By using this system to store wills, it is possible to prevent the will from being destroyed or tampered with, rather than storing it at home or other places. However, unlike notarized wills described below, the Legal Affairs Bureau does not guarantee the contents or legal validity of the will.
  Also, after the inheritance occurs, the will must be admitted to probate in the family court.
  
• notarized testament: A will is prepared at a notary public's office in the presence of a notary and two or more witnesses. Since the notary public confirms the will of the testator and prepares the will in a form that conforms to the law, there is a high degree of certainty that the inheritance will be carried out in accordance with the will. In addition, probate by the family court is not required after the inheritance occurs. On the other hand, this form of will requires the cost of a notary public and witnesses, and requires advance preparation with the help of a specialist, such as drafting the will with a notary public and discussing the draft with him or her.
  
• secret will and testament (sealed envelope)Notarized Will : This is a form of will in which the contents of the will are kept secret and the will is shown to a notary public and sealed. This method preserves privacy because the contents of the will are not made public, but unlike notarized wills, the notary cannot examine the contents of the will or give advice on the contents of the will. It is also expensive, so it is not widely used.

The State of Will Preparation in Japan

Although the rate of will writing is still low in Japan, interest in wills is growing, and more and more people are considering making a will to avoid legal problems.
According to a 2009 survey by the Ministry of Justice, regarding the status of making a self-written or notarized will, "I have made a self-written will (3.7%)" and "I have made a notarized will (3.1%).
By generation, the highest rates of making wills were among those aged 75 and older, who indicated that they had made a self-written will (6.4%) and had made a notarized will (5.0%).
The creation rate of both written and notarized wills tended to increase as the age of the respondents increased.

On the other hand, when asked in the same survey whether they would like to make a will in the future, more than 30% of all generations said they would like to make either a self-written will or a notarized will (rather or somewhat).

(Exhibit:Ministry of Internal Affairs and Communications Needs survey and analysis on the preparation, storage, etc. of wills for wills in writing in Japan)

According to the judicial statistics of the Supreme Court, the number of trials and mediations brought to family courts nationwide over the division of estates is15,842 in 2019.The following is a list of the most common problems with the Increased 1.5 times in 20 years, with a high of around 15,000 in recent yearsis continuing.

A will is necessary to prevent loved ones from being torn apart by the division of property.

Wills and Inheritance Tax

Properly drafted wills may also have the potential to reduce the estate tax burden.

• Bequests to specific personsThe following is an example of a will: Using a will to make a gift of property to a specific person or entity (bequest) allows for efficient management of the distribution of the estate and the hope of tax savings.
  
• Take advantage of estate tax deductions and special exceptions:In addition to the basic inheritance tax exemption, there are various other exemptions and special provisions for inheritance tax, such as a spousal exemption and a special exemption for small residential lots. By making use of a will, you can take full advantage of these exemptions.

summary

How was it?

By preparing a will and properly managing assets, it is possible to eliminate "family disputes" and realize an amicable inheritance. In addition, appropriate inheritance tax measures can reduce inheritance-related problems and tax burdens.
To ensure that you have a legally valid will, and because the taxation system and deductions often change, it is recommended that you check the latest information and consult with a professional to ensure that your plan is up-to-date.