Last Will And Testament-Will And Testament

Contemplation about your death is never pleasant, but doing the wise thing by foreseeing the possible circumstances of your demise and impact on your family is an honorable act. A last will is a document/form that will ensure your wishes are upheld upon your death.

The most important reason why you probably want to make a perfect last will and testament is because you want your loved ones to inherit your precious wealth. You can also use a last will to determine whom the legal guardian(s) for your children will be. A tax efficient last will can help ensure your wealth is mainly transferred to your loved ones by allowing you to name an executor of your will. The executor will ensure the application of the will.

There are a few basic things you should consider while making your will. Make your will at a young age before your so old or become so senile that it could be argued you were too mentally incompetent to execute your last will and testament. Also, remember to always date your last will since a newer last will always cancels out the older last will and testament. Finally, its best to keep your last will as simple, precise, and as easy to read/understand as possible.

Whomever the will is for (the “testator”) must sign their last will and testament in the company of at least two witnesses who are not beneficiaries of the will and can attest to it. Each page of the last will and testament must be signed by the testator, numbered, and dated accordingly (any corrections must be countersigned).

It is best to keep the will in a safe place you and the beneficiaries know about; typically this is a bank vault. Any signed copies can be held by an advocate. Codicils can be attached to it and read out to make changes in the will. Although, if there are too many changes it’s best just to write a new will.

The main contents of the will are:

1) Name and home address

2) Short descriptions of your assets

3) An alternative beneficiary in case the first one becomes deceased before you.

4) Gifts to people

5) If desired, the cancellation of debts

6) Name of the executor to manage your estate

7) Name of the guardian to look after your minor child(ren).

Your signature

9) And, the two witnesses signature’s

Appointing a guardian is important if you have minor children. If you do not appoint a guardian the state will appoint one for you and this can mean CPS (Child Protective Services) in some cases. The guardian for the minor must be over 18 years of age. The guardian must also be previously consulted about your decision to appoint him/her as the guardian.

An executor’s job is to pay off taxmen, creditors, cancel credit cards, subscriptions and distributes the testator’s assets according to his/her will. The executor can be a spouse, a friend of yours, a family member, a trust company, or a lawyer.

You could start getting ready to write your will today by taking an inventory of your assets, and who receives them. Consider your family’s future liabilities in the case of death, and decide for yourself if you want to do the honorable act.



By: Dan Copernicus

About the Author:

Winter Hules

This is an area that no one wants to talk about but the fact is this: We are all going to pass away at some point. Hopefully later rather than sooner; however, as a responsible adult it behooves you to have all of your affairs in order so that the State you live in does not make incorrect decisions on your behalf. Probate Court could leave your land or other valuable belongings to someone that you did not intend them to go to. I often ask those that I know when was the last time they updated their will and most tell me that they do not even have a Will.

As a parent you have to ensure that your children go to the guardian that you and your spouse selected in conversation prior to your death should you both pass away concurrently. Don’t be naive to think that it does not happen, because it does. If you are a single parent then this becomes even more important. If you do not have it in writing then your family or significant other will not know your wishes since you can no longer speak. A Last Will and Testament gives you the opportunity to have your final words to your family and loved ones and directs what property you would like to pass on and to whom.

Before you get your Will completed you need to know the name and contact information of the person you’ve chosen to be the guardian of your children, the trustee(s) of their estate, and your personal representative/executor. You will also need the approximate dollar amount of any assets that you have to include your home (to include all real estate), vehicles, retirement plans, life insurance policies, and bank accounts. You will need a listing of all your debts as well.

In regards to your funeral arrangements, it is best not to include your wishes in your Will because in most cases your Will is not read until after the funeral. Do this separately on another document and communicate to those close to you about what your wishes are.

Now that you know the importance of having this legal document in place, go and get it taken care of immediately. It will take some thought, a little bit of time to put your thoughts together, and some uncomfortable discussions with those you love but in the end it will be worth it. Your family deserves it, right?



By: Curtis K. Collins

About the Author:

Nathaniel Royce