Wills 101

What is a will?

A will is a legal document that outlines how you want your assets to be distributed after you pass away. The requirements for a valid will vary by jurisdiction, but generally, the following elements must be present:

1. Legal capacity: The person making the will (testator) must be of a sound mind and of legal age (18 years or older in most jurisdictions).

2. Intent: The testator must have the intent to make a will and to dispose of their property upon death.

3. Formalities: The will must be in writing, signed by the testator, and witnessed by two or more witnesses who are not beneficiaries or related to the testator. Some jurisdictions may require additional formalities, such as the will being notarized.

4. Testator's signature: The testator must sign the will at the end, or if they cannot sign, they must direct someone else to sign on their behalf in their presence and at their direction.

5. Testamentary capacity: The testator must understand the nature and extent of their property, the people who would normally inherit from them, and the legal effect of making a will.

6. Free from undue influence: The will must be made freely and voluntarily, without coercion or undue influence from another person.

It is important to note that the specific requirements for a valid will may vary depending on the jurisdiction, and it is advisable to consult with an attorney to ensure that your will meets all legal requirements.

Here are some important things you may want to consider including in your will:

1. Beneficiaries: Identify who you want to inherit your property and assets.

2. Executor: Name an executor who will be responsible for carrying out your wishes and managing your estate after you pass away.

3. Guardianship: If you have minor children, designate a guardian to take care of them if you pass away.

4. Specific bequests: If you have specific items you want to leave to certain individuals or organizations, you can include those in your will.

5. Debts and taxes: Specify how you want your debts and taxes to be paid after your death.

6. Alternate beneficiaries: Consider naming alternate beneficiaries in case your primary beneficiaries pass away before you do.

7. Funeral and burial wishes: If you have specific wishes for your funeral or burial, include them in your will (in addition to your healthcare directive) including who will oversee the arrangements with as much detail as you can add.

• Why should I include burial wishes in my will?

Including your burial wishes in your will can provide guidance to your loved ones and help ensure that your final wishes are respected. When you pass away, your loved ones may be overwhelmed with grief and unsure of what you would have wanted for your funeral or burial. By including your burial wishes in your will, you can alleviate some of the stress and uncertainty that your loved ones may experience during this difficult time.

In addition, if you have specific wishes for your funeral or burial, such as the type of service, location, or burial method, including these wishes in your will can help ensure that your final wishes are carried out. It's also important to note that while your will can provide guidance for your loved ones, it's not always legally binding when it comes to funeral and burial arrangements. The laws surrounding funeral and burial arrangements can vary by state, so you should always check with a local attorney to see what legal options are available for ensuring your final wishes are followed.

If I have a will, is probate necessary?

Probate is the legal process of administering your estate and distributing your assets after your death. While it's not possible to completely avoid probate with a will, there are some steps you can take to minimize the amount of time and money your estate spends in probate.

1. Create a revocable living trust: A revocable living trust is a legal arrangement that allows you to transfer ownership of your assets to a trust during your lifetime. When you pass away, the assets in the trust are distributed to your beneficiaries without going through probate.

2. Name beneficiaries for your assets: Many assets, such as retirement accounts, life insurance policies, and bank accounts, allow you to name beneficiaries. When you pass away, these assets are distributed directly to your beneficiaries without going through probate.

3. Joint ownership: If you own property jointly with someone else, such as a spouse or partner, the property will automatically transfer to the surviving owner when you pass away.

4. Make gifts during your lifetime: You can give gifts of cash or property to your loved ones during your lifetime. These gifts are not subject to probate because they are no longer part of your estate.

It's important to note that while these strategies can help minimize the amount of time and money your estate spends in probate, they may not be appropriate for everyone. You should consult with a knowledgeable attorney or financial advisor to determine the best estate planning strategies for your individual needs and circumstances. Schedule your consultation with Powe Legal Services today!