Last Will And Testament-Will And Testament

To ensure the safe passage of the estate of the deceased to their successors, it is wise to use a professional quality last W]will and testament. This legal document holds the final instructions of the person making it, to set forth the means by which to distribute the person’s property in the event of his death.

Every state has enacted its own laws that have to be followed and whatever necessary requirements are contained in such laws shall form the basis for drawing out the will. The maker of a will should have attained at least the age of 18 years or be older. He or she must be sane and in control of his or her faculties and must not be making the will under any erroneous or destructive influences.

The last will and testament is revokes all previous related agreements and specify the manner in which all properties and assets of the maker are to be disposed of. The document must be in writing, signed, and witnessed in a manner specified by applicable laws of the state. The maker of the will should be in good health without being under any emotional strain. A wise person will not leave the making of a will for some calamity to befall him or her and will have thought out the contents of the will well in advance and have drafted the document under normal circumstances.

A will can be made as often as one wants but the last will and testament is the one that the maker deems to be final. In case the maker only wants to add some legal clauses or wishes to amend the will, this is done through a “Codicil”.

The last will and testament will specify whether the person making it is married or not and whether or not he has any children. In case the person is married, the agreement will specify the name of the spouse as well as all the names of the children that the person has. In this manner, the identities of all family members are established.

To establish how all necessary expenses related to funerals, personal debts as well as inheritance taxes, transfer taxes and estate taxes are to be paid, the agreement may ask an independent executor to pay such expenses out of the amounts remaining from the estate.

Furthermore, the document will then state how the estate of the deceased will be disposed of. This may include the names of persons in an order that specifies that if the first person so specified should fail to survive the maker of the will then such estates shall pass on to a second person, who, if he fails to survive the maker, will cause the estate to devolve on to a third person.

In addition, the last will and testament may instruct through a “Letter to the Independent Executor” as to how the personal and other household items are to be disposed off.

The document may also state how to treat those successors who contest the arrangement. It can clearly state that such successors be debarred from obtaining any proceeds from the estate of the deceased. Such a change shall be signed and attested as well as witnessed by at least one witness.



By: Wade Anderson

About the Author:

Herschel Snuffer

ost enlightening of subjects is it? And not one you’ll probably discuss often, with either friends or family. What’s that I hear you say? Dying. The good news is that I’m not going to take up the next few minutes of your life talking about how we might all eventually leave planet earth. Instead, I want to spend the time talking about the financial impact upon your family and loved ones you leave behind. What if you don’t have a Last Will and Testament? (and depending on which stats you believe, apparently 70% + of the UK adult population don’t have one). Law of Intestacy This law dates back to 1925. If you die without having made a Will, your assets are distributed in accordance with this law and ‘statutory legacies’, which specify the amounts that are distributed to certain parties. The last time the amounts were reviewed was 1993. The basic rule is that: – The spouse or civil partner will receive personal chattels and the first £250,000 if there are children, plus a life interest on half the residue – The children receive a life interest on the remaining half AND the surviving spouse’s half (capital) when they eventually die the spouse or civil partner will receive personal chattels and the first £450,000 if there are no children, plus half the balance – Parents/brothers and sisters receive the remaining half (in that order if they are alive, or the money goes to other relatives) – Make sure you check all the ‘small print’ of the law of intestacy as we have only covered the basics here (figures correct at 20 February 2009) These amounts were actually increased on 1 February 2009 from £125,000 and £200,000 respectively. This followed a review by the Government that commenced in 2005. Last Will and Testament Now, assuming you don’t want to leave things to chance your best option is to organise a Will. There are a few reasons for this: YOU can decide how your assets should be distributed and to whom they should go to if you have children you can appoint guardians to look after them if neither you or your spouse/partner are alive. You can also appoint trustees to look after your assets until the children are old enough to take responsibility for themselves If you don’t have a Will, why not? There may be a few reasons: – It’s a bit of a depressing topic. Fair enough, it is. But we’re all going to die someday and actually making the Will won’t kill you! – You think you’re too young. If you can vote or ask for a drink (legally!) in a pub then you can make a Will – It’ll take too much time. How can you know if it does unless you’ve been though the process yourself? It’s quite straightforward to set one up so this excuse does not really wash – It’ll cost a fortune. Not quite. Depending on which solicitor you use you shouldn’t have to pay more than £100-200. If you are setting up 2 wills a discount may apply One option is to set up a ‘DIY’ Will. This will be cheaper than going to a solicitor but if you get it wrong you’ll only have yourself to blame. The most sensible option is to use a qualified solicitor. Yes you’ll have to pay a fee but at least you’ll have the peace of mind that it’s been set up correctly and in line with your wishes. The Financial Tips Bottom Line If you die without having made a Will you may end up leaving behind a ‘mess’ for your loved ones to clear up long after you’ve gone. If you see yourself as a responsible person (and don’t have a Will yet) maybe it’s time to get one set up. ACTION POINT Contact your solicitor and ask them to begin the process of organising a Will(s) for you.

By: Ray Prince

About the Author:

Adalberto Nuessen

A will is a legal form that will ensure your estate gets divided how you desire. The person who owns the estate (money and belongings) is called the ‘testator’. Without a will your estate is wide open to conflicts, problems, and lawsuits. For example your relatives may have a huge dispute over the property, which will lead to lengthy court proceedings and legal fees for lawyers, etc.

Although there are many benefits to having a last will and testament, the law strictly views the document as a testator regulating the rights of others over his property upon death.

The traditional will is the last will and testament, which is sometimes called a testamentary will. This will covers the disposition of personal property upon death and may also cover the testators wishes concerning who becomes the guardian over a minor child. This document is legally binding.

When your preparing your last will and testament items of personal importance or of high value should only be included in a will. Whoever is receiving these valuables is called the beneficiary. The term ‘heir’ often gets confused with the term beneficiary. A heir is some one who inherits an estate without the help of a will.

When the testator creates the will he must appoint an executor. An executor is some one who will handle all the administrative responsibilities of the will. The primary responsibility of the executor is to make sure the will is executed based on the testator’s wishes. The executor is also responsible for ensuring that the items named in the will are correctly distributed to the beneficiaries.

Avoiding conflicts is the main reason why you want a last will and testament. Without a will to specify what assets go to whom, disputes, problems, etc. will most likely arise. You can even specify to give some of your assets to a charity. In all, this will give you a legal platform to deal with the distribution of your assets past your death.



By: Nicholas Copernicus

About the Author:

Robin Luxenberg

A will is a legal document that helps you to protect your assets and minimize any dispute over the distribution of your estate when you pass on. When created properly, a will is a tool that will control the distribution of your property upon your death. Also, you can use a last will and testament to appoint a guardian over your minor child(ren) in the event you pass on. You can also name the person who will manage your estate after you die, to help properly execute the will and distribute the property to the appropriate beneficiaries as directed. If any of these issues are important to you then you should think about creating a last will and testament.

When you have created a will, your assets are distributed to your beneficiaries through an order of the probate court. The executor, which you name in your will, gathers up the assets and provides an inventory of it to the probate court. The executor is then responsible for overseeing the testator’s (person who made the will) assets while distributing them according to the specific requests in the will.

To make a valid will the person who made the will must have been at least 18 years old or more and must have signed the document in the presence of two witnesses. For the will to be valid the testator (person making the will) must sign the document in front of two witnesses, and the signature must be notarized in the presence of those same two witnesses.

A lot of people get confused between a Trust and a Last Will and Testament. A Trust details how property is held, transferred, or owned before the death of the person who made the trust. If a Trust is the legal owner of the transferred property and the testator dies then the transferred property doesn’t have to go through Probate court. This is because a Trust doesn’t give directive to your wishes over your assets after your death like a last will does.



By: Nicholas Copernicus

About the Author:

Ivy Lane