Do I really Need a Will?

When it comes to creating a Will.  Some people say well if you are not going to be around any longer, what is the point of a Will?  There are many different reasons why you should have a Will.  Let’s start with the reasoning behind a Will first.  A Will is a legal document that states the  stating the wants of a person with regard to the nature of the properties or assets after the death of a person.   A Will can protect your assets and help minimize the battles over your property.  If you die without one, your assets may not be distributed as you may want them to be. Attached are a few ideas on why you may want to create a will.

· To provide for your family.

· Specify whom you would like to receive your property.

· Request specifics at your funeral and burial.

· Create a trust for your children.

· Disinherit a person(s)

· Name a guardian for minor children

A Living Will is a legal document that explains the desires of a person with regard to medical decisions in the event where the person is unable to act on his/her own behalf.

What are the Legal Requirements of a Living Will?

Any person over the age of 18 can draft his/her own will without the help of an attorney. Additional requirements may vary depending on the jurisdiction but every will must contain the following:

• The owner of the Will must clearly identify himself as the maker of the will and that a will is being made; this is commonly called “publication” of the will and is typically satisfied by the words “last will and testament” on the face of the document.
• The owner must also declare that he or she cancels all previously-made wills and codicils.  Otherwise a previous made will revokes earlier wills and codicils only to the extent that they are inconsistent. However, if a following will is completely inconsistent with a previous one, it will be considered completely revoked by implication.
• The author must demonstrate that he has the capacity to dispose of his property and does so freely and willingly.
• The author must sign and date the will usually in the presence of at least two witnesses (persons who are not beneficiaries).
• The author’s signature must be placed at the end of the will. If this is not followed, any text following the signature will be ignored or the entire will may be invalidated if what comes after the signature is so material that ignoring it would defeat the person’s intentions.

After the author has passed, a proceeding will take place in court to determine the validity of the will. If the Will is ruled invalid then the inheritance will occur under the laws of intestacy, as if a will were never created.  You may find more information and resources by your local library or courthouse as well as the internet for your specific state.  Keep in mind that every state varies.

A Will is a matter of crucial importance and is able to be done yourself by simply going to www.createawill.com. We offer state specific downloadable forms and kit to not only save you money but time and a  peace of mind as well.

It is sometimes considered that creating a will is not an easy process. On the contrary, it is rather simple and straight forward to create a will.

A will, in basic words, is a document to ensure that your estate (assets without liabilities) is distributed off the way you desire.

In legal terms, a will is defined as the legal statement of the intentions of the testator, with respect to his property and assets, which he desires to be carried into effect after his death. Such disposal comes into effect only after the death of the testator.

Making a will is one of the most important parts of personal financial planning.

Normally lots of people avoid making one. A will enables each one of us to distribute our property and assets in the manner we wish to distribute it. A will may also reduce the risks of undue litigation, delays, misunderstandings and disputes amongst family members.

A will can be hand-written, or typed up depending on your choice. It requires no stamp duty or registration, although experts advise that a will must be registered so that it is in safe custody. The will must be attested by two witnesses and notarized.

Consider some basic guidelines while creating a will:

• A will can be hand written in ink but preferably should be typed up
• It does not require any stamp paper & and it need not be registered but is recommended.
• It should preferably be drafted by a lawyer, and checked by an accountant.
• It is advisable to name in your will, more than one executor/executrix to administer the estate and distribute the property, as per your desire.
• The will must be signed by you in the presence of at least two witnesses who must also sign the will at the same time. Their full names and addresses should be given
• The executor or beneficiary cannot attest the will as a witness.
• The executor of the will can also be named as a beneficiary and vice versa. Sign each page of the will, so that nobody can substitute a page later on, nor can anybody argue about fraudulent insertion of a page subsequently.
• Keep your will in a safe place. Inform the executor and beneficiaries where the Will is kept. Also give a signed copy to your lawyer.
• Review your will regularly, say once a year. It may need revisions to take care of changes in your financial or family circumstances.
• On the demise of a spouse, the surviving spouse needs to revise his/her will.

Some legal terms of a Will

Estate: The sum of all the assets of a person, less his liabilities becomes his estate. In short, all properties, bank accounts, investments, insurances and collectibles, less the liabilities of a person, are collectively called a person’s estate.

Testator: A person who makes his will is a testator.

Executor: A person who executes the contents of the Will after the demise of the testator is called the executor. The executor is the legal representative for all purposes of the deceased person.

Legatee/ Beneficiary: Legatee is a person who inherits the estate. You should state how you wish your assets to be distributed. This includes naming one or more persons whom, you would like to receive all or part of your estate when you die, and who will benefit if your first choice beneficiary (or second or third) predeceases you.

Probate: Probate is the legal process of settling the estate of a deceased person, specifically resolving all claims and distributing the deceased person’s property under the valid will.

Now that you are educated with information regarding making a will you can begin making your will immediately. Simply go to www.createawill.com and download your low cost do it yourself will online today.

The two most prominent documents used in estate planning are a Last Will and Testament and Living Trust. Both documents can plan for your family and assets following your passing, and often the two are used together for more complete estate plan. While both can handle the bulk of your estate planning, there are differences between the two.

Last Will and Testament

A Last Will and Testament is the most basic of your estate planning documents and includes the following attributes:

• You are able to name an executor of your will to handle your wishes and estate. An executor will help work your will through the probate process and handle the distributions of your property and assets following probate fees, taxes and payment of all debts.

• You are able to list specific items or percentages of your assets as bequests to certain parties to be distributed when the parties reach a legal age.

• You are able to select a custodian for your children and their assets until they reach legal age.

• Your will be put through probate following your death and property would be held by the court until the probate process was complete and all applicable fees have been paid.

Living Trust

A Living Trust is a more advanced estate planning tool used to give you additional options for distributing your assets as well as protection from many of the fees and delays caused by probate. A Trust has the following attributes:

• You are able to assign a trustee to handle your trust following your demise or incapacity for any reason. The executor will pay all applicable taxes and debts then distribute or continue to manage your property as you’ve requested.

• You can make bequests to specific parties in any format you like. You may elect to distribute your property and accounts immediately following your passing or you can set up a plan for distribution over a span of time and with conditions you set to be sure your bequest is being made in a way that suits the individual and your preferences.

• You are able to select a guardian for your children until they are of legal age and for their assets until a time based on any condition you set.
• Your living trust will be managed during your lifetime and transfer to another designated trustee following your death or incapacitation with no interruptions or publicity in the court.

Living wills do not affect your property, but they are an important part of planning for the future. A living will — and a related document known as a durable power of attorney for health care — lets you describe the type and extent of medical treatment that you prefer. These instructions are invoked if you are unable to make those preferences known in the future.

For example, if you were severely injured in a car accident, you might be in a coma with no apparent prospects for recovery. Would you want your doctors to do everything possible to keep you alive? Would you prefer minimal, non-invasive treatment? These are extremely difficult decisions, and they require reflection on your most deeply held philosophical and religious beliefs. The purpose of a living will is to make your intentions known, so that your family and your doctors will be able to lawfully act in accordance with your wishes.

Living wills are generally invoked only in “life or death” situations. Frequently, however, people face related challenges even when their life is not in danger. People who are unconscious, for example, are clearly unable to make their treatment preferences known, but that does not mean that they do not have preferences. For this reason, many people now prepare a durable power of attorney for health care in addition to a living will.

Learn everything you need to know to create your own will by Downloading the Forms and Guide to Creating A Will.

I never gave much thought to creating a will.  In the back of my mind I always thought that “Yes, it is a good idea,” but never did much about it.  After I got married and had three kids, I still never gave much thought as to what to do about creating a will.  Seems like it is one of those never ending cycles of best intentions but rarely something that actually gets done.  Finally, after having been married and having three kids i took the time to get things going.  Why is a will a good idea?  Because without a good will you are doing little more then ensuring that your family will have more problems to deal with after you pass away.  isn’t it hard enough to deal with the loss of a loved one?  Why add probate, attorney fees, legal costs and everything else that comes with not having a will.   I may not know much about the law but I do know that I love my wife and kids.  I do not make much money and this economy who is…. However, thank God for www.createmywill.com.  When I logged into this site and found the forms and kit for a simply download, it was an answer to my prayer.  Much better then legal zoom and a lot cheaper.  Creating the will was so easy with Create My Will.  It took me about 20 minutes to create the initial document and i was all set.  I certainly suggest doing so.

Here are my Top 5 reasons to have a will:

1. Your family can avoid probate after you pass away
2. Your assets are spelled out.  It’s a good exercise to not only document the assets but other things in yout life like where the money is and how your family can access it when you pass.  No, that’s not part of a will but I found myself creating lists that will work out when I pass away.
3. From the grave, you have the ability to communicate your hopes, wishes and plans.  It’s a way to have a say in things like college funds, estate measures and family matters long after you have passed away.
4. Creating a last will and testament is not expensive.  You can do it from a number of online websites.