Legal Advice on Will
From Adviceopedia
Every person should receive legal advice on wills before writing one.
Contents |
Legal Advice on Will is Important
A will is a legal document. It's important to get legal advice on a will before you sign it. You may think your estate is very simple, but once you examine your assets you will realize it is more complicated than you think.
Your Will is Your Last Word
Since the provisions of a will don't come into force until after a person's death, the Court is not likely to make a ruling that will substantially change the terms of the person's will.
Contesting a Will
A person's last will and testament can be contested under certain grounds, including if:
- The provisions contained in the will are illegal
- The person who wrote the will was incompetent
- The will was written under duress
Keep Your Will Up to Date
Over the years, circumstances in your life will change. When a major life change occurs (such as marriage, birth of a child or grandchild, divorce, death of one's spouse), it's time to get some legal advice on will and update it.
Choose an Estate Administrator
One of the provisions contained in a will is the appointment of an executor. This person will be in charge of making sure that the deceased's debts are paid and that the balance of the estate is distributed according to the provisions of the will.
The executor may be required to:
- Make funeral arrangements
- Obtain the death certificate and present it to the insurance company, bank, etc.
- Apply for death or survivor benefits
- Cancel subscriptions, memberships, health insurance coverage, etc.
- Make a detailed account of the deceased's assets and liabilities
- Pay any taxes due on the estate
- File the will with the Court for probate purposes
Dying Without a Will
If a person dies without leaving a will, it is known as dying "intestate." In this situation, the individual's estate is distributed according to the laws of the jurisdiction in which he or she lived. The estate is divided among the deceased's living relatives.
If the person dies leaving a spouse and children, the estate may not all go to the spouse. In some states, only a certain percentage of the estate goes to the surviving spouse and the rest is divided equally among the children. If this is not how you would like your estate divided, then you need to make a will.
Handwritten Will
In some states, a handwritten will, known as a holograph will, is considered valid. Check your state laws for specific legal advice on wills before depending on this route as a ways to take care of your estate.
Short and to the Point
Your will does not have to be lengthy. It can be short and to the point.
The shortest will ever written was from an Indian man named Bimla Rishi. His will consisted of three words - "all to son".
You Need a Will
As soon as a person starts to accumulate assets, he or she needs to have a will prepared. Consider making a new will or updating a pre-existing one if you are getting married or have just had a child.
Do it Now
Most people don't want to think about death. As a result, they put off making a will. They may think they are too young or healthy, and that only the elderly need one. The fact is, no one knows exactly how much time they have left and it's important to have a plan in place for distributing one's assets after death.
