Wills
A will, also known as a last will and testament, is a legal document describing what to do with a person’s assets when they die. A will can include instructions for distributing property, naming guardians for children, making charitable donations and much more. Wills do not generally govern over items that are held jointly with another party or accounts with a named beneficiary.
Wills require probate to transfer items to designated beneficiaries
Wills are public records
Wills only take effect after you passing
Wills make it easier for beneficiaries to manage a deceased person’s assets and fulfill their final wishes. A well written will can simplify the probate process because it provides clarity about your intentions for your assets.
If you die without a will – your property will be distributed according to your states laws. In many states, intestacy laws give property to your closest relatives. Worst case this could lead to your family being tangled in legal battels over your estate.
With a will you can:
Distribute property according to your wishes.
Designate guardians for your children or pets.
Save your loved ones a lot of money and time.
Types of wills
There are several different types of wills. Each state will vary check with your state to determine the right type for you.
Simple or Testamentary: A legal document that specifies how to allocate your property upon death
Joint: Legal document that blends the individual wills of more than one person because their wishes are the same.
Handwritten or Holographic: A will that was not witnessed or notarized but is written by hand. May not be valid in all states
Oral or nuncupative: Verbally and expressed to witnesses, rather than written down, it may not be valid in all states.
Living: Document that outlines your preferences for medical care in the event you are unable to speak for yourself.
Pour-over: A legal instrument that is used alongside a living trust as a contingency.
How a Will Works
A will and testament are generally written by the person leaving behind the asset, sometimes with the assistance of a financial planner or estate attorney.
The person creating the will names an executor who is a trusted third party who is charged with overseeing the will’s administration during the probate period, the legal process of distributing a deceased person’s assets.
Regardless of which route you take there are some basic steps you will want to take to ensure that your covering everything you need to make your final wishes known and adhered to.
Take inventory of your assets. Everything from your home to your personal items and don’t forget about your digital assets. You can use my Asset Inventory tool to help take inventory of your belongings and name your beneficiaries.
Choose your beneficiaries and which items to give to each person.
Select an Executor. Choose your person and notify them of your choice. Have the conversation!
Decide who will be guardian if you have children or pets.
Be explicit. It is important to be extremely specific about how your assets will be passed down so that your final wishes are carried out appropriately.
If you’re confused about how to tackle your post-life affairs, reach out to a professional for help. Consider finding an estate lawyer or a financial planner who can navigate this space with you. You can read more about wills in this article from AARP.
When you are ready to have your documents notarized call or text or schedule your reliable and dependable notary appointment. We are always happy to help.
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