Advice On Making A Will

How to do a last will and testament!?

testament, a will, document, paper

What is a last will?

A will is a legal document that sets forth your wishes regarding the distribution of your property and the care of any minor children. 

Why make a will

By making a will, you are simply ensuring that your final wishes are legally recognised. More importantly though, writing your last will and testament gives you the certainty and peace of mind from knowing that your property and possessions will be passed on exactly as you want on your death. Without making a will, the state will decide who gets what from your belongings and how much, so those who you would want to benefit may get far less than you hoped. Like most people, you might assume that your property would automatically go to your spouse and children on your death. In fact, their share would be decided by the laws of intestacy which could mean a potentially long and expensive probate process for those hoping to benefit from your estate.
Also if you have minor children, a will lets you provide for their care. If you have children from a prior marriage, even if they are adults, your will can dictate the assets they receive. Creating a will also minimizes tensions between survivors. Relatives battling over your possessions can weaken what may have otherwise been a strong family. 

Types of last will and testament

Self-Proving/Testamentary Will: A self-proving will, also know as testamentary will, is the traditional type of will with which most people are familiar. It is a formally prepared document that is signed in the presence of witnesses.

Holographic Will: Holographic wills are written without the presence of witnesses. They rarely hold up in court.

Oral Will: Oral wills are spoken testaments given before witnesses. They are not widely recognized from a legal perspective.

Living Will: living will has nothing to do with the distribution of assets, but rather sets forth your wishes for medical care in terms of life support should you be incapacitated. 

How to make a will

When you are ready to prepare a will, compile a list of your assets and debts. Be sure to include the contents of safe deposit boxes, items of sentimental value, family heirlooms and other assets that you wish to transfer to a particular person or entity. If your estate is substantial (ranging in the millions of dollars) or your situation is legally complex, you may wish to enlist the services of an attorney. If so, be sure to work with someone who is familiar with your state's laws and has extensive experience writing wills.

Leaving last will to executor

Creating your will is the first step in a two-step process. The second step is putting your will in the hands of your executor or professional advisor. Remember, your wishes can only be carried out if they are known. Putting your will in capable hands ensures that it will be available when it is needed.

You can always change your last will. Simply write a new will to replace the old one, or make an addition using an amendment. It is best to make changes when you are of sound mind and in good health so your wishes in last will can't be disputed.

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