To Will or Not to Will? That is the Question.

Preparing a will is one of the most effective estate planning tools available. Your will offers you the most secure way to make sure your final wishes are carried out. If you are in need of a will, mylegaledge.com has a product to fit your needs. Each will packet comes with step-by-step instructions to help you complete the documentation. If you need to contact the staff of MyLegalEdge.com, just send an e-mail to staff@mylegaledge.com. You are also welcome to leave your comment here at MyLegalReview.com.

The Needful Things - Will Requirements

Will requirements will vary from state to state. The testator, being the person who makes the will, must be competent and of sound mind when the will is drafted. The majority of states require that wills be written. However, some states allow holographic wills. These wills are totally handwritten and signed by the testator.  Under very strict, emergency circumstances, some states will even hold that an oral will is valid.

The testator must also be able to sign his or her name or direct someone else to sign his or her name in the presence of witnesses and a notary public. A will can be amended by a valid codicil without requiring a total rewrite of the whole will.

What A Will Cannot Do

If you become irate with your spouse for some reason, there are some states that will prohibit you from totally disinheriting your spouse without the spouse’s consent. In most states, if your will is found unacceptable by the surviving spouse because you totally disinherited them, the surviving spouse can elect to take the legally proportioned share of the estate. On the contrary, non-dependent children can be disinherited.

Joint Tenancy Property

Joint tenancy property cannot pass under a will. Joint tenancy property must go to the surviving joint tenant.

The Executor

Within your will, you must appoint an executor. This person will act as your representative to make sure that your wishes are carried out as you left them. The executor is responsible for the following:

• Consolidating and managing the testator’s assets;
• Collects any monies owed to the testator once the testator has died;
• Sells property necessary to pay the debts of the testator;
• Files the necessary court and tax paperwork for the estate.

Your executor will have a very important job in carrying out the final procedures of your estate. So, make sure this person is someone you can trust and review the expected duties with this person during your lifetime.

The Guardian

If you have minor children at the time you make your will, you may decide to name a guardian that will be responsible for taking care of them if there is not another parent to take on this responsibility. Once again, you will need to choose a person you trust to take on this role and function. Be sure to carefully spell out those things you wish the guardian to handle when caring for your children.

What Happens When No Valid Will Exists?

If no valid will exists at the time of death, that means that the person has died intestate. This situation can develop into some harsh, complicated, and down right nasty situations for the family left behind. Each state has its own statutory intestate laws concerning estate percentages to certain family members (spouse, children, parents, etc). If there are no family members to take the estate, the assets will then pass to the state or local government. Keep iin mind that heavy tax burdens exist if estates are passed on through intestacy.

Therefore, it is best to make every effort to prepare a will prior to departure and preparing your bucket list.

Need a Will?

If you are in need of a will, mylegaledge.com can help. This site can provide you with wills and other estate planning form products. If there are products you would like to inquire about, just send us an e-mail at staff@mylegaledge.com. Plus, you can reply to this post at MyLegalReview.com.