Why Should I Have a Will?

Why Should I Have a Will?

Even if you do not have very much, you probably still have some things you would like to pass on to your loved ones.

Avoid family disagreements.

Many families struggle over who should get what. A Will allows you to give your things to whomever you want, not to whomever a judge decides should get it.

If you have children, then you need to make it clear to the judge and to your family who you want to have custody of your kids. Keep in mind that it is the court that makes the final decision on who will be guardian and your wishes may not be followed.

Can Anyone Make A Will?

Any person may make a will who is eighteen (18) years of age or older and of sound mind. Being of sound mind means that you have the ability to understand the consequences of your actions. Your Will can be challenged if someone feels that you were not of sound mind when you made the will.

What Makes a Will Valid?

In addition to being eighteen (18) years of age or older and of sound mind, in order for a Will to be valid:

It must be in writing;
The testator (person making the will) must sign it;
If typed, two (2) or more witnesses are needed.
Oral Wills are not valid.

Do I Need an Attorney to Make a Will?

If you have a small estate then you may be able to make your own will. You just need to know what you own and who you want to have it. However, you should seek the advice of an attorney if you have a lot of property including:

Real estate
Personal property
Investments such as stocks and bonds.

Remember, a small amount here and there can add up to a large estate, especially when you include life insurance. Poor planning could result in you losing part of your assets to estate taxes.

You should also seek the advice and help of an attorney if:

You feel that your Will is likely to be contested
(legally challenging the Will) by any member of your
family; or
You think someone other than who you wish may try and get custody of your kids.

What is an Executor to a Will?

A person who will make sure what you want done is done. This should be a competent person that you trust and who has the time to carry out the terms of your Will. It can also be an attorney or a bank. You should discuss this decision with whomever you choose to make sure that they are willing to take on this responsibility. It is best to choose someone who will not inherit anything from you to be your Executor.

Must I Leave Something to My Children?

No, a person is not required to leave anything to his or her children. However, you must name in your will any children you wish to disinherit (not leave anything to) and make it clear that this child or children are to inherit nothing. Otherwise, a living child who is not mentioned in the will may have a reason to challenge the will. This is commonly called "taking against a will". The law also protects surviving spouses from being left with nothing provided the husband and wife have been married for at least one year.

Should I Name a Guardian?

A Guardian is a person who will take care of your minor child if the child’s other parent is unable. Naming a Guardian for your child only expresses your wishes. The court makes the final decision in the appointment of the Guardian. However, the court usually appoints the nominated Guardian unless it finds a strong reason not to.

Can I specify who receives the proceeds from my life insurance policy in my Will?

No. Your Will cannot specify the beneficiaries of life insurance policies, retirement plans, or annuities. You decide the beneficiaries for these funds and fill out the proper forms with the insurance companies. Review the beneficiaries for these plans to make sure that they are setup according to your wishes.

Can My Will be Challenged After I die?

Wills are rarely challenged. When they are challenged (contested) it is usually done so by a family member who feels left out or cheated. To get a Will completely invalidated then someone must go to court and show that the Will wasn’t valid because of your signature was forged, you weren't of sound mind, you were unduly influenced by someone or some other serious problem. If your will is an attested will and is challenged, the two attesting witnesses will have to testify that the will is valid.

Where is the best place to keep a will?

Choose a safe place where someone else can find the Will after you are gone. Someone you trust should know that the Will exists and where it is located. A Will does not need to be recorded or filed with anyone until after death. A Will can be deposited with the probate court for safekeeping.

What does probating a Will mean?

Probate is the process of proving a Will is valid and then doing what was stated in the Will. The first step is to file the Will with the clerk of the court in the county where the deceased person lived, along with a petition to have the court approve the Will and appoint the executor. The court will then determine if the is Will is valid. Note: If the Will includes real estate in a county other than where the deceased lived then a copy of the Will must be filed in that county as well.

How Can I Change My Will?

You can change your Will with a writing called a codicil that modifies the terms you previously wanted (See glossary). You can also revoke (cancel) the prior Will by writing a new Will and clearly stating that this is now what you want to have happen after your death. You can revoke your Will by intentionally burning, tearing, or destroying it.
Glossary:

Codicil:(ka-da-sil)
A written modification to a person's will, which must be dated, signed and witnessed just as a Will would be, and must make some reference to the Will it amends. A codicil can add to, subtract from or modify the terms of the original Will. Keep the codicil with the original Will.

Estate:
All that one owns in real estate, personal property and other assets.

Executor:
The person appointed to manage the estate of a person who has died. Unless there is a valid objection, the judge will appoint the person named in the Will to be executor.

Guardian:
A person who will take care of your minor child if the child’s other parent is unable.

Holographic Will:
A handwritten Will that is written, dated and signed by the testator (the person making the will).

Incapacity:
Lacking the ability to understand one's actions.

Intestate: (in-tes-tate)
When a person dies without leaving a valid will.

Probate:
The process of proving a will is valid and then doing what was stated in the Will.

Testator:
A person who has written a will.

Article Source: http://freelegalinformation.info

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