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A will is the most basic tool in a person's estate plan.
Everyone should have a will, if for no other reason than to
make sure you are in control of who gets your money,
valuables and heirlooms, and also who will watch over your
minor children. It prevents the state from dictating who gets
the estate when you die, or sending your kids to foster care.
A will is a simple tool to tell the probate court how you want
your estate handled. If you do not have a will when you pass,
you have died "intestate". This simply means the money and
property in your estate will be divided according to the
individual state statutes that may apply to your estate. Every
state has a statute that describes who gets what, a list to
divide up estates that are not controlled by a will. If you are
married when you die, all or part of your estate may go directly
to your spouse, depending on the state you live in, or the state
where the will was executed.
A will is a basic tool, but in most states, it has to be executed
in a specific way to be recognized. Each state has its own set
of rules for how a will is to be properly executed. If is not
executed properly, it will not be recognized. A holographic will,
one that is handwritten by the testator, is not recognized in
many states as a legal document. If you intend to draft a
holographic will, make sure you follow the rules for your state,
or the Court will ignore it and follow their "intestate" statute.
Your will should be updated any time you get married, have
children, get divorced, increase the value of your estate, if a
child happens to predecease you, or if the tax laws change.
You should also update your will if you do not have an A&B
marital living trust and want to change who gets what when
you die.
Everyone should have a will, if for no other reason than to
make sure you are in control of who gets your money,
valuables and heirlooms, and also who will watch over your
minor children. It prevents the state from dictating who gets
the estate when you die, or sending your kids to foster care.
A will is a simple tool to tell the probate court how you want
your estate handled. If you do not have a will when you pass,
you have died "intestate". This simply means the money and
property in your estate will be divided according to the
individual state statutes that may apply to your estate. Every
state has a statute that describes who gets what, a list to
divide up estates that are not controlled by a will. If you are
married when you die, all or part of your estate may go directly
to your spouse, depending on the state you live in, or the state
where the will was executed.
A will is a basic tool, but in most states, it has to be executed
in a specific way to be recognized. Each state has its own set
of rules for how a will is to be properly executed. If is not
executed properly, it will not be recognized. A holographic will,
one that is handwritten by the testator, is not recognized in
many states as a legal document. If you intend to draft a
holographic will, make sure you follow the rules for your state,
or the Court will ignore it and follow their "intestate" statute.
Your will should be updated any time you get married, have
children, get divorced, increase the value of your estate, if a
child happens to predecease you, or if the tax laws change.
You should also update your will if you do not have an A&B
marital living trust and want to change who gets what when
you die.
