If you want to settle or organize the distribution of your wealth, property or estate after your death, then it is time you get yourself a last will and testament. This legal document is important if you want your assets to be handled according to your wishes and specifications after your death.
This is a logical step to take if you are leaving behind your minor children and you want to secure their future. If you have a business, investments or huge savings, identifying the person or persons to handle or receive your funds or properties after your death is essential to prevent confusions and conflicts.
The Basics of a Will and Testament:
Any individuals who are 18 years old and above and in full possession of all their mental faculties can make a will. A will is commonly typed or printed and rarely are they hand-written. But in the case of a holographic will, you are required to sign it and the material portions should be handwritten. However, you must first check in your state if a holographic will is allowed as not all states in the U.S. are honoring holographic wills.
In executing a valid will and testament, the general requirements are written documents signed by you. Two witnesses are also needed and they should be physically present during your execution of your will. They should also be present when each is signing the document. If you are living or executing your will in Louisiana, you will be required to sign every page of the legal document and to notarize the execution of the will.
Any individuals who are of legal age and mentally competent can act as a will witness. However, in most states, there are some restrictions when it comes to beneficiaries standing as witnesses to a will. This is an information to verify with your state before you prepare a will. To err on the safe side, avoid appointing one of the beneficiaries in your will as a witness to prevent any legal challenges that he/she exerted some influence over you during execution of the will.
In almost all states, a valid last will requires only two witnesses, with Louisiana the only state requiring a will to be notarized. In most cases, wills should be executed by you on the last page. It is imperative that you initial or sign the bottom of each page of your will as well as execute the final page.
The Elements of a Last Will and Testament:
A typical will consists of the name of the executor, payment to creditors, burial provisions and specifications, charitable bequests and endowments, property bequest to beneficiaries and authority of the executor.
A contingent beneficiary is an individual who received the inheritance or bequest in the event that a stated contingency happens before your death. One of the most common contingent events is when the beneficiary died first before the will maker.
To avoid any future legal challenges, you must prove that the legal document was created of your own free will and not under provocation, intimidation or duress. There is no right time or place when it comes to executing a will and testament. Making a last will is usually associated with waiting for death to knock on the door.
However, if you are a parent with children, especially minor ones, creating a will with provisions that would protect their interest is essential. Keep in mind though that a will should be updated as circumstances are changing daily, such as a divorce, death of a child or spouse or birth of a child.
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