What Is A Valid Will?

If we are concerned about who will be the heirs of our estate be it large or small, we must consider leaving a valid will so that out personal wishes will be considered and carried through....

After death our property and money will be distributed to someone, somewhere, which is directed by you in a legal document called a will, or last will and testament. The one creating the will is called a ¡§testator.¡¨ There will be an individual responsible for caring out your wishes after death and he is the ¡§executer, or personal representative.¡¨ Those who will accept your money or property after your death are known as ¡§beneficiaries or heirs.¡¨

The word beneficiary is one who stands to benefit with something of value, perhaps insurance, trust income, or property. An heir on the other hand receives property that is designated by law of the state setting forth the rights of a deceased person¡¦s estate when a valid will is not available. The will should have, as required, left instructions for distributing property, appointing a guardian for underage children or a trustee to care for the estate placed in trust. The three forms of wills are, formal, handwritten (called holographic), and oral.

The formal will is mostly used, it is a format that must be drawn up in a very certain way, in order to be valid. This type will lesson the possibility of any questions regarding its soundness

Oral wills will be regarded as valid on only a few limited sets of circumstances. Many States will recognize the use of handwritten wills. The best way to transfer your possessions is with a ¡§formal will.¡¨

If property is owned in joint tenancy this cannot be passed on by a will, although most assets can be. The insurance policies in which there is assigned beneficiary, pension benefits, and assets of certain types of trusts will not be passed on in wills.

Valid Will:

- Executed in a certain manner by State law.

- At least 18 years old some States vary in age requirements, check your state law. Some States consider an underaged married person as capable of creating a will.

- You must be capable of understanding what you are doing, in other words of sound mind, and the will must be made voluntarily and not under duress.

- You (the testator) must sign and date the will, it must be witnessed by at least two people, and in most States this must be done in your presence. Your signature will not need to be notarized, only in certain specifications by law.

- After death, the will must be proved for authenticity by a probate court.

To self prove a will, have it notarized, or a special clause can be added in which you confirm the will has been signed voluntarily. This clause is called an attestation clause.

Place great care on following the rules and regulations of executing a valid will in your State, it is recommended that you check with a lawyer to review your will.

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