A last will and testament is a critical part of any effective estate plan. All responsible estate planners striving to protect their fortunes should establish a will as the absolute bare minimum. At the end of the day, a will is a rather straightforward document that lays out exactly how a testator wants their assets to be distributed among beneficiaries. It may also include certain medical directives. But despite the relative simplicity of these documents, testators may have various questions about wills. Here are some of the most common queries:
- What Happens if I Do Not Establish a Will?
If you fail to establish a will before your passing, you will have died “intestate.” This means that the probate court in your state will distribute your assets to beneficiaries according to a set of pre-set guidelines. This is sometimes referred to as the probate process. In other words, you will have absolutely no control over how your assets are distributed. Even if you verbally expressed the desire for certain beneficiaries to inherit assets, the state will disregard these wishes and stick to its guidelines.
The specific intestate guidelines depend on your state and your family’s situation. Secession is a term that refers to the “hierarchy” assigned to various family members. Some will always inherit assets first, while others may inherit nothing at all. Generally speaking, surviving spouses of the decedents inherit assets first. Other high-ranking beneficiaries include children, parents, and siblings. To determine the specific order, refer to the specific laws within your state.
Some testators may be perfectly fine with these guidelines. However, you may find that the time it takes to check the intestate guidelines in your jurisdiction is equal to the time it takes to establish a will. Establishing a will also comes with additional advantages, such as medical directives. It is also worth noting that situations may change drastically within just a few short days. You may separate from your spouse and pass away days later. In this case, your spouse would likely inherit assets first despite the marriage being over. To avoid situations like this, it makes more sense to write a clear will rather than trusting the intestate guidelines.
Many spouses want to leave wealth to more distant relatives. For example, you may want to leave the bulk of your fortune to a grandson or a nephew. These relatives rank quite low on the hierarchy according to intestate guidelines, and a will represents the only reliable way to make sure they inherit the assets.
On a more general note, dying without a will effectively guarantees disputes among family members. Even if family members normally get along, disputes over money can cause serious rifts that may never heal. Establishing a will alongside an estate planning attorney helps prevent these arguments, ensuring that you leave behind your wealth and not lasting bitterness.
- How Do I Make a Valid Will?
The requirements for a valid will vary depending on your state. Generally speaking, wills are only valid in written form. A verbal will is not acceptable in American probate courts. Wills must also be signed by the testator (the person writing the will). In addition, each testator must write their will with a “sound mind.” This means that they must understand what they are doing. A person with cognitive limitations may still write a valid will as long as they understand the purpose of this document.
A person of sound body may not be intoxicated, however. Certain mental health issues may also raise questions about the testator’s mind. Notable examples include dementia, Alzheimer’s, brain damage, and conditions of that nature.
Wills may also require witnesses, and these witnesses must also be of sound mind as they watch the testator sign their will. The witness must then provide a signature that states they have seen the testator sign the document and that the testator was of sound mind at the time of the signature.
A valid will can be handwritten or typed. If the will is handwritten, it may constitute a “holographic will.” In this case, witnesses may not be required – and the will may be valid as long as it is signed. The logic here is that because the will is handwritten, it is obviously the work of the testator and not a fraudulent document. In addition, the handwritten nature of the document implies that the testator was of sound mind at the time of its composition.
To receive more guidance on the composition of valid wills, be sure to get in touch with a qualified estate planning attorney. An attorney can write your will for you, and it is still valid despite it being written by someone else.
- What is the Difference Between a Will and a Trust?
Wills and trusts may accomplish similar goals, but they are different estate planning tools. A will controls which assets are distributed to which beneficiaries, while a trust can also determine how these assets are distributed. In other words, trusts provide more options. Trusts are managed by trustees.
- Who Makes Sure My Will is Carried Out?
Wills are handled by executors and the probate court. Estate planners can choose their own executors, and these individuals are tasked with making sure the terms of the last will and testament are carried out.
- At What Age Should I Write a Will?
Anyone can write a will after they turn 18. The sooner you create a will, the better. As you age, questions may be raised about your cognitive ability and general health. This may make your will more likely to be challenged.
Book Your Consultation with the Elderly Care Law Firm Today
If you have been searching for an estate planning attorney who can assist you with your last will and testament, look no further than the Elderly Care Law Firm. Over the years, we have assisted numerous estate planners with various important steps, including the establishment of effective, accurate wills. We know that while this article covered many topics, you may have many additional questions about the overall process. The best way to answer these questions is to book a consultation with us at your earliest convenience. During this initial meeting, you can clarify points of confusion and receive targeted advice based on your family’s unique circumstances. Reach out today to get started.
