It is important that when an individual passes away their loved ones are taken care of. Not having the proper legal paperwork can create many problems with the settling of the estate. Personal assets may wind up being distributed in a manner that may not coincide with what the deceased intended. A last will and testament will give specific details to how the estate should be distributed rather than leaving it up to the surrogate court.
A will is a legal document that gives detailed information on how the testator (the person for whom the will was drafted) would like his or her personal and real property passed down. This document can be written on one's own by purchasing a kit or using online services, but it must abide by state regulations, or it can be drafted by an attorney. The testator will choose one or more executors, who will be named in the will, to settle the estate. The estate is the amount left over after debts, taxes, and other expenses of the testator have been paid. The testator will choose beneficiaries to the estate. The will should state whether beneficiaries are to receive specific property or a percentage of the estate itself.
How To Choose An Executor
While many feel the need to name the person closest to them as the executor, this may not always be a good idea. Choosing a spouse or the oldest child may seem like the fairest way to choose, but they may not be able to handle the responsibility that comes along with being an executor. It is advisable to choose someone that is trustworthy, fair, and can handle all the paperwork that is involved with estate settling. In cases where there is no one who suits this description, the testator may choose to name his or her attorney as executor of the estate in the will.
What Property Is Typically Listed In The Will?
Bank accounts, real property, bonds, stocks, and personal items are the most common items found in a will. Pensions, life insurance, and other funds with a named beneficiary are not listed in the will. These assets are distributed to the named beneficiaries without the need of a will. However, in most cases, the estate can be named as beneficiary which allows the distribution of the assets to follow the will. For those who have many personal items like jewelry, antiques, or other items of value and who want to leave these items to specific people, an inventory list is often included in the will. This list will mention individual items and specifies to whom they are to be given.
Can A Will Be Changed?
A will can be changed at any time, but only by the testator. The testator can revoke any previous will to create an entirely new will or add an amendment to the existing one. There are many cases where a will can be challenged, especially if it is one that has been changed. The challenger may try to claim that the will is forged, that the testator was not of sound mind when the will was written or changed, that the testator was convinced by another party to make changes in the will, that the testator fell victim to fraud, that the will doesn't meet state requirements, or that the beneficiary does not agree on the choice of executor. Any argument must be presented to a court and the decision is ultimately left up to the court.
Can Someone Be Disinherited?
Disinheriting a family member is not an uncommon occurrence. It can be done, but there are some stipulations involved. In all fifty states, a spouse cannot be entirely disinherited without a prenuptial agreement. A spouse will usually receive anywhere between one third to one half of the assets that belong to the deceased. Children under the age of eighteen may also be difficult to disinherit entirely as well. The courts will usually grant them a set allowance until they reach the age of eighteen. Adult children, however, may be disinherited as long as it is expressed in the will. A disinherited family member may try to contest the will. It is for this reason that most attorneys would advise their clients to leave these family members a small portion of their assets. In addition it may be wise to add a no-contest clause. Under this clause the beneficiary loses all entitlement if they were to contest the will.
