What Is A Last Will and Testament?
Executing a last will and testament is not something that should be put off or avoided even though it can be a hard topic to discuss. If a person dies without a will the
state will decide what will happen to their assets. When a person dies without a will it is known as intestate succession. Typically, an individual’s spouse or children would receive the assets first. If an individual does not have a spouse or any children, the closest living relatives would then receive the assets.
In order to avoid intestate succession, a last will and testament should be created stating what should happen to the assets in the event of a death.
Some individuals have chosen created a holographic will as their last will and testament. A holographic will is a handwritten will. Holographic wills are not accepted in every state because it is hard to prove its authenticity. Therefore, holographic wills are generally not recommended. As a result, having a will and estate attorney
draft a last will and testament along with other important estate planning documents is the best way to secure an individual’s assets.
A last will and testament specifies what should happen with an estate once an individual passes away. This document states who should look after any children that have survived the decedent, how properties should be divided, who should be in charge of administrating the estate, and any specific gifts that the decedent
wanted to give to loved ones.
In order to properly execute a last will and testament, you must be of sound mind. This means that the individual must have a clear understanding of the documents in which they are signing. The individual must be acting on their own free will without undue influence from others. Lastly, the will must be signed, witnessed, and notarized in accordance with state laws.
Once a last will and testament is executed, the will should be stored in a safe location. There are many different locations in which an individual can choose to store their original will. One option is to keep the last will and testament at the law firm where it was originally drafted. The law firm would store the will in a fire-proof safe where it could not be destroyed or damaged. Another option is to keep the last will and testament in a safe deposit box. An individual can also decide to store their
will inside their own home. A last will and testament should be stored in a fire-proof or water-proof safe within a residence. This way if there is a flood or fire the estate planning documents will not be destroyed or damaged.
A last will and testament along with other estate planning documents should be periodically reviewed by an estate planning attorney. It is important to update or change estate planning documents when major events happen within a lifetime. For example, marriage, divorce, death, birth of children or grandchildren, major financial changes, or major law changes. It is recommended that estate planning documents be updated every five to seven years. Once changes have been made
and executed, the previous will is revoked and is no longer valid.
Please click the links, for more information regardinging living wills and revocable living trusts.
For more information regarding last wills and testament along with other estate planning documents, please contact our office at 610-933-8069.
