Just like life insurance a person is not required by law to have a LAST WILL AND TESTAMENT. However, it is prudent to write one for the benefit of one’s survivors. Such a document, drawn properly, avoids legal battles among survivors and unnecessary delay in obtaining ownership and claim to the deceased estate. Under the Uniform Probate Law (model law passed by professional association) and the laws of most US states, any individual 18 or more years of age who is of sound mind may make a will.
The general requirements are as follows:
(a) the document must be written (meaning typed or printed).
(b) signed by the maker, and
(c) signed by two or three (depending upon the state in which the maker of the will lives) witnesses who were present to witness the execution of the document by the maker and also witness each other sign the document.
Generally, any mentally competent person over the age of 18 can serve as a witness. it is always advisable to have individuals who are not named as a beneficiary or executor (maker) in the will serve as witnesses to avoid conflict of interest or restrictions by law.
It is highly recommended, even if it is not required, that the will be notarized. Most supermarkets and department stores do have a Notary Public who may notarize the will without a fee as a public service.
A typical last will contain the following elements:
v Name of executor (maker of the will),
v Payment of creditors,
v Charitable bequests,
v Specific bequests of property to beneficiaries,
v Bequest of remainder or residuary of estate,
v Powers that the executor of the estate shall possess, and
v Provisions regarding the burial, cremation, and organ donation.
After the death of a maker of a last will and the filing of the document with the appropriate probate court (usually the county and state of residence of the deceased), the court appoints an executor who may be listed as such in the will by the deceased.
The estate of the deceased is exempt from federal estate taxes if the estate has a value of less than $2 million if the death occurs in year 2008 and $3.5 million in year 2009.
The above information is for drawing a simple will that does not involve complications in regard to estate, relatives, claimants, taxes, state laws, etc., etc. Moreover, this information is not a substitute for an attorney or an accountant.
The form to prepare a will depends upon the elements to be listed in the will. One can purchase a from a stationary store or download it from the internet. A sample form for a simple last will and testament is provided in pdf format for the readers’ information and/or use. Click here to download free sample Last Will and Testament (pdf).
Recommended Website(s):
How To Create a Last Will and Testament
Wills and Living Trust
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