Last Will And Testament

While you can keep your last will and testament in a safe place at home, you need to make sure these estate planning documents outlast you. We recommend taking extra precautions, such as using a fireproof lockbox (like this one for $30) or a safe deposit box at the bank.

All you need to do is write down what you want to change about your will, sign it, have at least two witnesses sign it, and keep it with your original will. After your death, the executor will read and interpret both documents together.

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You and at least two other people must sign it to make it a valid will. Your signature will show you intend this document to be your last will and testament. The two other people must sign the document as witnesses to authenticate your signature. Keep your will in a safe place, so your executor can find it when they need to start distributing your assets. You should also make copies of the document and give them to your executor and anyone else you think should have one.

You can distribute your assets through many different ways while minimizing your risk and tax liability. If you have a complex estate plan, a lot of valuable assets, or just want to ensure your will is completely correct, you can hire an estate planning attorney.

Although attaching the affidavit has nothing to do with the legality of the Will itself, it can speed the admission of the Will to probate after the death of the Will writer because it eliminates the need to have a witness appear at the probate proceeding to testify that the formalities in signing the Will were followed. The witnesses may not be available later when they are needed. A self-proved Will may be admitted to probate without additional witnesses or affidavits, but it is still subject to contest on such grounds as undue influence, lack of testamentary capacity, or prior revocation.

Life Insurance/Annuity/Pension Plan Designations

Life insurance, annuity, and pension plan agreements (and similar agreements) permit an individual to name those who will receive the proceeds of such agreements either as primary or alternate beneficiaries.

Your Will does NOT determine the beneficiary (recipient) of the proceeds of any of these agreements. Rather, the designations filed with the insurance company control the distribution of the proceeds of these agreements. Similarly, IRA accounts allow the owner to designate a beneficiary who will receive the proceeds of the account upon the death of the owner of the account.

If you intend to exclude someone that might expect to be included in the Will, it is advisable to include a statement in the Will that makes it clear that the omission was intentional. Although this type of exclusion generally applies only to individuals, this provision can also be used to list organizations that will be excluded.

Specific Bequests: A specific bequest is a gift (bequest) or a specific item or asset to a named person or entity. For example, specifically providing that your diamond ring shall be given to your daughter is a specific bequest. Or, you may specifically provide that $1,000 shall be distributed to each of your five grandchildren. Specific bequests are usually made at the beginning of a last will or living trust, followed by other provisions that provide for the distribution of the other assets of your estate.

An "Executor" or "Personal Representative" is the person or organization named in a Will who has the responsibility of carrying out the terms of the Will. Those responsibilities are to collect your assets, pay the debts and expenses of the estate, and distribute the remaining assets to the beneficiaries. The independent executor may be a beneficiary under the will.

The Executor's responsibilities are significant. Therefore, the person or organization should be trustworthy and capable of handling financial matters. A business background may be helpful, but certainly is not required. If the Executor will be working with a capable lawyer, the Executor's responsibilities will be much easier to handle.

If an individual will be selected as the Executor, that person should be a resident of the same state as you. Some states disqualify nonresident individuals entirely and other states allow nonresident individuals only under certain conditions. If you want to select a nonresident Executor, you can find out what your state allows by contacting your county clerk of probate court or an attorney.

It is recommended that you select an Alternate Executor who will serve if the first choice is unavailable or unwilling to serve. You may name an Alternate to serve alone or name Alternate Co-Executors to serve together. If one of the Alternate Co-Executors is unable or unwilling to serve, the remaining Co-Executor will serve as sole Executor. You may also list another name so that there will still be two Alternate Co-Executors if you wish.

Your last will and testament is not valid until the signing and witnessing requirements have been met. You must be mentally competent when you sign the Will, and in most states, you must meet a minimum age requirement of at least 18 years old.

Your signature to your last will must be witnessed by two other persons who are also required to sign the will. Some states have restrictions on who can serve as witnesses. In many states, a witness cannot be a beneficiary of the estate. States have adopted these laws to prevent any conflict of interest from those who may be in line for gifts, or who may benefit from your death. Some states will allow for a beneficiary to act as a witness, but in doing so, that witness may lose some or all of the property that he or she would have inherited. Some states also place restrictions on whether or not your designated executor can act as a witness, so again, it's important to check with your state.

If you think your last will might be contested by your heirs, you may need to get a doctor's note to prove that you were of sound mind when you wrote and signed your will. This will reduce the chances of your last will being overturned in probate court.

This method, in most cases, will end up being notably less expensive and less time-consuming than meeting and hiring your average attorney. If needed, you may fill out this Last Will and Testament on behalf of a relative, and then help them sign once you've drafted it. Please keep in mind that for this document to be accepted as legally valid, the testator must be an adult who is mentally competent at the time of signing. If the testator has already been declared legally incompetent, a conservatorship could be required. When dealing with such a situation, it would be a good idea for you to connect with a lawyer.

Every person over 18 should have a Last Will and Testament in place. While it is difficult to think about, your loved ones will want to know your wishes for guardianship (when applicable), your property, and/or assets when you pass away. Here are a few typical occasions in which it may be helpful to make or update your Will:

Both a Last Will and Testament and a Living Trust possess advantages and disadvantages, although the one you choose will depend on your goals and where you are in your life. To determine whether to use a will or a trust, you must understand the key differences between these two estate planning devices.

Mental incompetence

Most states typically require that the person making the will is mentally competent during the time of creation. The competency standard can be met in many states if you possess an understanding of the following:

In other states, there is additional guidance around mental illness. For example, in California, an individual with hallucinations or delusions resulting from a mental illness may not be considered to have the capacity to make a valid will, if their decision-making with regard to the will and the distribution of their property is impacted. If you have questions about making a legally valid will, talk to a lawyer.

Previous wills

To avoid confusion and ensure that the most recent will is followed, it is important to destroy every copy of any previous, outdated will. That said, it is possible to have multiple valid wills for dealing with property in multiple states, if one will is a supplement to another, or for other limited reasons.

Improper witnesses

Many states require that a will be witnessed by at least two people over the age of 18. Witnesses will observe the signing of the will and confirm mental competence at the time of the signing.

This document needs to be signed by:

The willmaker Two witnesses

All of the witnesses must watch the willmaker and the other witnesses sign this Will. The willmaker should verbally declare that the document is intended to be his or her Last Will and Testament, but the witnesses do not need to read the Will.

Some states may require the willmaker to initial on the bottom margin of each page of the Will. This is to prevent the substitution of pages. This must be done in the presence of a notary public and at least two competent witnesses.

The self-proving affidavit ("Proof of Will" in some states) is a document which should be signed in front of a notary public and attached to the end of the Will. The affidavit recites that the requisite formalities were observed in signing the Will.