subject: Preparing a Legal Will [print this page] So you now think it's time to deal with a subject we really don't want to face. Preparing a legal will and executing it will require some formal requirements from the state you are residing in.
When preparing a legal will, the testator (the person making the will), must declare that the document that is being signed is the testator's
will. The signature must be witnessed by two or three witnesses who must sign in the presence of the other witnesses.
As you are preparing a legal will and it is handwritten by the testator and has not been witnessed, is called a holographic will. Only a few states will recognize a holographic will. Also if you are preparing a legal will and it is going to be an oral will, known as a nuncupative will, it is only recognized in a few states and in rare compelling situations such as a dying soldiers wishes.
If you are preparing a legal will known as a self-proving will which means that it is not necessary to obtain statements from witnesses at time of probate. This saves time, money and energy when witnesses can not be found or they themselves are deceased. This is signed by witnesses in front of a Notary Public. Some Notary Public's will not notarize a will.
When preparing alegal will, you may choose one of the following
as well.
* A simple will. This leaves the entire estate to who is named in the
will. Nothing is left in trust.
* A tax planned will usually disposes all or a portion to one or more
testamentary trusts and not directly to the beneficiaries. A
testamentary trust is created by the will when to testator dies. This t
trust is created to minimize taxes.
* A pour over will leaves assets to an inter vivos trust that has been
created prior to the testators demise. Trusts are made when
property is transferred to the trustee (manager) for the benefit
of the trust beneficiaries.
* A living will expresses your views with regard to artificial life and
life support systems.
When preparing a legal will, you will choose an executor who is responsible for following out your wishes outlined in your will.
The job' of the executor is to pay debts, expenses, distribute the assets of the estate.
So, as you can plainly see, when you are about to prepare a legal will,
it requires a lot of thought, planning, and research. This is only a small segment of preparing a legal will.
As always, it is always suggested, particularly when preparing a legal will, to consult legal council. A small amount of money an attorney may charge for your will or trust may save you hundreds, thousands
and maybe even hundreds of thousands of dollars. Who knows
