Will it all away – while you still can!
A will can be written by oneself or one can hire a lawyer to write. While making a will one should use clear, unambiguous language to accurately describe one’s wishes.
What is a Will?
Several people know they need a will, but not everyone knows what a will is or what it does. A will is sometimes called a “last will or testament,” is a legal text that states your final wishes. It is read after the death of the individual, and the court of law makes sure that the last wishes of the person are met.What are the Types of will?
Types of will include the following:
- Nuncupative (non-culpatory) -oral or dictated; often restricted to sailors or army men.
- Holographic will – penned in the hand of the testator; in various jurisdictions, the signature and the material terms of the holographic will has to be in writing by the legator.
- Self-Proved – in a formal way with affidavits of subscribing witnesses to avoid legate.
- Notarial – will in public application and prepared by a civil-law notary.
- Mystic – sealed until death.
- Serviceman’s will – will of a person in active-duty such as military duty and usually lacking certain formalities.
- Mirror/Reciprocal/Mutual/Husband and Wife wills – wills made by two or more parties (mostly spouses) that make similar or identical provisions for one another.
- Unsolemn will – will in which the executor is anonymous.
- Will in solemn form – confirmed by testator and witnesses.
What does a Will do?
Maximum people use a will to leave instructions about what should happen to their property after they die. However, a will can also be used to-- Name an executor.
- Name of guardians for children and their property.
- Decide on how debts and taxes will be handled.
- Provide for the pets.
- Serve as a backup for an existing trust.
What are the legal prerequisites of wills?
There are very less legal requirements for wills.- Know what property one has and what it means to leave it to someone after one’s death. Legitimately this is called having “capacity” and it is also known as being “of sound mind.”
- Create a document that names heirs for at least some of one’s property.
- Sign the document.
- Have the paper signed by at least two signatories.
- No state requires one’s will to be notarized. Still one may use a notarized self-proving testimony that will make the will easier to get through probate after death.
- A few states allow making a handwritten “holographic” wills, which don’t have to be signed by the witness. But, handwritten wills should only be used when one do not have time to make a will formally because they are much more susceptive to challenge after death.
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