A last will and testament is a legal document that outlines the final wishes of the testator, or creator, of the will. A last will and testament is an essential tool in estate planning which allows you to:
Without a valid will, your estate may be subject to intestacy laws, potentially leading to unintended beneficiaries and family disputes. Creating a will ensures that your hard-earned assets are distributed according to your desires, providing peace of mind for you and your loved ones.
Living Will A legal document that outlines your medical treatment preferences if you become incapacitated. It specifies decisions about life-sustaining procedures, pain management, and end-of-life care.
Pour-Over Will An estate planning tool that works in conjunction with a living trust. This legal document ensures that any assets not already transferred to your trust during your lifetime are automatically "poured over" into the trust upon your death.
Advance Healthcare Directive Similar to a living will, an advance healthcare directive outlines your medical treatment preferences if you become incapacitated. This legal document is often the combination of a living will and healthcare power of attorney to ensure your wishes are respected in the event you cannot communicate due to a medical emergency.
A last will and testament is a crucial document for ensuring your assets and property are handled according to your wishes after you die. Here are several key situations when you should prioritize creating or updating your will:
Dying without a will, also known as "intestate," may lead to a lengthy probate process and the unintended or unwanted distribution of your assets. Implementing a will safeguards you and your family's interests. A basic will is generally sufficient to protect a testator's assets, but complicated estates may require more complicated estate planning.
As you complete your last will and testament, you will need to provide certain relevant information. This includes the name and address of each beneficiary and any assets you would like to distribute to them. You should also create an inventory of your assets and property with their approximate values.
Use the information you collected to complete the last will and testament. We make this easy by guiding you each step of the way and helping you to customize your document to match your specific needs.
It is always important to read your document thoroughly to ensure it matches your needs and is free of errors and omissions. Some states may require that the will is signed and witnessed by at least two individuals in the testator's presence.
Wills are an important planning tool for those who want to make sure that their wishes are formally and legally documented by specifying how their estate should be managed and distributed after they die. Those with one or more minor children should also consider creating a will to make sure that they have identified contingency plans for the custody of their children in case both parents die prematurely. Wills are also beneficial for the following:
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The primary role of a last will and testament is to identify how assets and liabilities will be handled after the testator—the person creating the will—dies. After payment of the debts, taxes, and expenses of administering the estate, the remaining assets that pass through the will are distributed according to its terms.
Wills also serve to identify who will be in charge of handling the estate and take care of administrative tasks like safeguarding assets, paying final expenses, settling and paying valid debts, navigating probate court, and filing and meeting any final tax obligations. All this occurs before any distributions to named beneficiaries and heirs are made. The person in charge of handling the estate is called different things in different states, but most commonly that person is known as the personal representative or executor of the estate.
A will can also nominate a guardian to have physical custody of minor children if a child’s parents die before he or she reaches the age of 18.
There are several types of wills, but the main components across the types remain the same, including:
A trust is effective as soon as it is created and executed, while the provisions of a will take effect upon your death. The administration of a will requires the court probate process while trusts may be carried out on their own. Wills become public record after they are submitted to probate, while trust details remain private. Trusts have the flexibility to include conditions on asset distribution and timing, but wills are less flexible, with distribution occurring at the close of probate.
While a simple will is often sufficient to handle a person's estate, there are several types of wills that may be utilized to account for larger or more complicated estates, or other alternative dispositions.
While there is no law against writing your own will, it is not recommended. Each state has its own distinct requirements that must be followed for a will to be legally sufficient. You do not need an attorney to write your will, but utilizing a professional service is highly suggested in order to avoid having an unenforceable document.
Passing away without a will is called dying "intestate," and dying intestate leaves your estate to be distributed according to state law instead of by your wishes. In most states, this passes your estate directly to your spouse, regardless of whether you are still together or separated.
Some properties should not be included in a will because they will be validly distributed by other means. Examples of these properties include the following:
It is often recommended that you review your will every 3 to 5 years to be sure the distribution of your estate is still in line with your wishes. It is also important to update your will after any major life events, such as marriage, separation, or divorce, death of a beneficiary, purchase or sale of significant real property, or moving to a new state or country. Regular, periodic reviews or updates to your will ensures that your estate distribution remains in line with your wishes.
Courts will generally do their best to uphold and maintain a deceased's final wishes; however, the legal sufficiency or validity of a will can be contested under certain circumstances. First, only individuals with legal standing can contest a will, including current beneficiaries, previously disinherited beneficiaries, or individuals who would inherit under intestacy if the will were invalidated. The most common reasons to challenge the validity of a will include the following:
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