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Wills

A is defined as a legal declaration that disposes of a person’s property when that person dies. A well-written will can transfer property quickly, avoiding complicated tax concerns. An easy transition is very helpful to the survivors of the deceased who must handle the distribution of possessions.

The size of an estate will in most cases determine the size of the will. A will describes the estate, and details which individual will receive specific property. These individuals are referred to as . In many cases a will provides more defined instructions including care for surviving children or the formation of posthumous trusts.

Types of Wills

  • Simple Will: Provides only for the outright distribution of assets for a straightforward estate.
  • Pourover Will: A will that leaves some assets in a preexisting trust.
  • Testamentary Trust Will: This type of will sets up one or more trusts for a portion of your estate assets to go to after you die.
  • Joint Will: One document that covers two people, usually husband and wife.
  • Holographic Will: An unwitnessed will written in the testator’s handwriting. Only about twenty states recognize this type of will.

What Makes a Will Legal?

Age: The creator of a will must be eighteen years or older. Some states allow persons under the age of eighteen to form a will if they are married, in the military, or otherwise emancipated.

Mental State: The creator of a will must be of “sound mind.” Being of “sound mind” includes:

  • Knowing what a will is and that you are creating one.
  • Understanding the relationship between yourself and the individuals (if any) that you provide for.
  • Having an understanding of what possessions you own.
  • Being capable of deciding how to distribute your property.

Form: Some states allow handwritten wills, but it is highly recommended that a will be typed or printed. An must have been appointed to oversee the distribution of property. If an executor has not been determined, a court will appoint one. The document must clearly state that it is a will and must contain at least one substantive provision.

Witnesses: A will must be dated and signed in the presence of at least two people. to a will may not be named to receive anything from that particular will.

Updating a Will

At some point in time you may need to update the details of a will. Many factors play a role in this decision. You may have been through a or . Persons named in your will may have passed away or children named have reached the age of eighteen.

It is recommended that you review your will or any other estate planning documents every five years. An estate planning attorney or an attorney that specializes in wills, trusts or probates can assist you in preparing your documents.




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