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 pu෴rposes, a꧑s well. For example, through their will, a person can recommend a guardian to care for surviving 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开奖号码历史查询:estate planning. It ensures that a person's wishes are documented and carried out, makes it easier fo🌠r heirs to obtain the assets left to them, and can prevent family squabbles over the property that someone leaves behind.

If an individual 澳洲幸运5开奖号码历史查询:dies without a will, the distribution of that person's proper💎ty is left up to the state government, and maꦉy 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开奖号码历史查询: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开奖号码历史查询:liquidation and distribution of the 澳洲幸运5开奖号码历史查询:decedent's assets, according to the terms of the will. The☂ executor must also pay any outstanding debts and taxes 𝓡on the estate.

An executor may be an attorney or financial expert, or 💫anyone that the writer of the will trusts to act responsibly.

The execu🌃tor 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开奖号码历史查询:insurance policies that have a 澳洲幸运5开奖号码历史查询:named beneficiary.

Wills do not supplant agreements re✤lated to life insurance proceeds, retirement assets, or transfer-on-death investment accounts.

This section may also itemize 𝕴joint bank accounts and property that is co-ow🌳ned 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开奖号码历史查询: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开奖号码历史查询:Holographic wills may be used in some states.

After death, the will is submitted to the 澳洲幸运5开奖号码历史查询:probate court&nbs꧟p;of tꦗhe 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 whethe🐲r there are legal challenges 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开奖号码历史查询:Writing your will could be the last good deed that you do for your friends and loved ones. Dyingඣ 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.