10 Most Common Questions Families Ask About Estate Planning, Wills, and Trusts
1. What is a Will?
A Will is signed writing when a person (often referred to as the “testator”) directs what’s to get completed with their property after death. Each state possesses his own very specific laws as to precisely what is necessary for a Will to get valid because of state.
2. Who Can Create a Will?
Any mentally competent individual who is at least 18 yrs. old might make a Will. However, later proof of any fraud, duress, or undue influence by someone else or perhaps the testator might cause the Will to be invalid.
3. Who Should Have a Why?
Every mentally competent adult really should have a Will. Here are a few in the reasons:
– You can direct how we would like your property divided for your death.
– You can name the person you wish to handle your estate (referred to as the “executor” or “personal representative”).
– You can reduce the expenses of administering your estate.
– You can save taxes.
– You can nominate a guardian for the minor children.
– You may provide for any trust in the support and education of the children without the necessity of costly court proceedings.
4. Does a Will Need to Be Witnessed? Does a Will Need to Be Notarized?
Generally, most states require that this signing of a Will have to be witnessed by two competent persons, who also must sign the Will in front of the testator. (An exception on the witness requirement is made if your testator writes the entire Will in his / her handwriting, and signs and dates it.)
Although the law does not need a Will being notarized, it’s a highly recommended practice, accompanied by most lawyers. …» Read more