What Is a Will?

A will, also called a last will and testament, is a legally enforceable declaration of how a person wants their property and assets distributed after death.

A will can serve other purposes, as well. For example, through their will, a person can recommend a guardian to care for surviv꧟ing minor children or state their preferences for their remains and funeral.

Understanding a Will

A will is an important component of 澳洲幸运5官方开奖结果体彩网:estate planning. It ensures that a person's wishes are documented and carried out, makes it easier for heirs to obtain the assets left to them, and can prevent family squabbles over the property 𒁏that someone leaves behind.

If an individual 澳洲幸运5官方开奖结果体彩网:dies without a will, the distribution of that person's property is left up to the state gove💛rnment, and may even end up becoming state property. 

Format of a Will

The format of a will varies, but most follow a 澳洲幸运5官方开奖结果体彩网:fairly uniform layout.

The document usually begins with a statement that the writer is of legal age and is making the will freely and without duress.

It attests to the writer's mental soundness at the time the will was made. This section also establishes the writer's identity and includes an explicit statement that this document rescinds any previous will.

The Executor's Job

In the will, the writer names an executor or personal representative to oversee the 澳洲幸运5官方开奖结果体彩网:liquidation and distribution of the 澳洲幸运5官方开奖结果体彩网:decedent's assets, according to the 🍰terms of the w𝔉ill. The executor must also pay any outstanding debts and taxes on the estate.

An executor may b🌊e an attorney or financial expert, or anyone that the writer of the will trusts to act responsib𝔍ly.

The executor may be entitled to receive a reasonable fee for services rendered. ꧋Fee guidelines are mandated by the state.

Insurance Policies and Financial Accounts

After naming an executor and guardian for any minor children, the will should discuss 澳洲幸运5官方开奖结果体彩网:insurance policies that have a 澳洲幸运5官方开奖结果体彩网:named beneficiary.

Wills do not supplant agreements related to life insurance proceeds, 💜retirement assets, or transfer-on-death invest🌟ment accounts.

This section may also itemize joint banౠk accounts and property that is co-owned with other individuals.

Naming Beneficiaries

The bequest section of the will specifies beneficiaries for all of the deceased person's property or assets, except for insurance policies, financial accounts, and 澳洲幸运5官方开奖结果体彩网:joint accounts mentioned in the preceding section.

It's crucial that all beneficiaries are named. Clear and reasonable instructions will prevent possible legal challenges that could delay probate and create significant legal expenses.

Interment Details

A will may also include instructions about the writer's funeral and burial wishes. If the decedent made arrangements for a burial plot or funeral expenses, those should be stated in this section.

State Requirements for Wills

Most states require that a will be witnessed by two individuals and signed and dated by the writer at the end of the document. 澳洲幸运5官方开奖结果体彩网:Holographic wills may be used in some states.

After death, the will is submitted to the 澳洲幸运5官方开奖结果体彩网:probate court of the county or city in which 💙the individual resided.

The probate process can be fairly quick or protracted, depending on the estate laws of the state in which the decedent lived, the complexity of the estate, and whether there are legal challenꦺges to the will.

A clear and complete will can make the process as efficient and smooth as possible.

The Bottom Line

澳洲幸运5官方开奖结果体彩网:Writing your will could be the last good deed that you do for your friends and loved ones. Dying without a will (known as dying intestate) leaves behind a mess for them to straighten out. Worse, it could mean that your good intentions won't🔥 be carried out as you wish them to be.