Will: (Last Will and Testament)
The Will
The Will is the nucleus of the estate plan. From the Will, everything else emanates. Your Last Will and Testament spells out all of your wishes. It details how you want your assets and resources distributed and how your loved ones who depend on you will be taken care of.
Some Basic Elements of Your Will include:
• Identification of yourself and a description of your right to distribute said property and assets.
• A full and complete description of the property and assets you wish to distribute.
• A very clear detailed itemization of who you want your property and assets to go to.
Wills are instructions to a court of law and can be contested. It is suggested that you take your time to make certain everything is in place and in accordance with the laws of your state. When the Will is registered in the court, it is then a matter of public record and the privacy surrounding it is gone. When naming your heirs, it is also a good rule of thumb to identify them and make a brief statement as to why they are included.
Often Wills become very contentious by family members and other in court. Your loved ones in many cases will not only have the emotion of dealing with your death, but could become involved in a court battle over the validity as well. There are some things that may cause your Will to be invalid in a Court of Law:
• The deceased was not mentally competent and able to comprehend what was happening when the Will was executed.
• The execution was handled improperly, making it improper.
• The writing was done under force and undue influence from another party.
If the court finds the Will to be invalid, circumstances will be treated as if you died intestate (without a Will). At that time, depending on the state you live in, it will be decided in accordance with the law as to how your property and assets will be distributed. In a case where there are no living relatives, your assets will become the property of the state.
P. S. Always Remember to Share What You Know.
