A testament and last will is a document that is legal in which a person, names one or more person(s) to administer his or her estate and follow out instructions that have been supplied on distribution of assets at the time of death. Loved ones and family members have the right to the property and assets, unless other wise stated in the will. Thinking about one’s death is not something that we want to consider, but preparing for it, is a wise choice to make.
A testament and last will with a will based estate plan will include all the details of who will receive the assets and property and when they will receive it after your passing. It will cover who is the executor in charge of the estate, what the executor is in charge with, which will be the beneficiaries, and how the property will be transferred to the successor. If there are minor children involved, the testament and last will state the guardian for the children, until they reach adulthood.
When creating a testament and last will, it is utmost important to know the laws of the state that you reside in, to make it a valid and legal document. Depending on what state you live in, will have different requirements that make it enforceable. Some of these requirements are being the age of 18 and not being a minor. The capacity of the mental state you are in when making a last will. Knowing what your net worth is and who will be the beneficiaries. A requirement of two witnesses has to be present when signing a testament and last will. Some states require that the witness must not be related to the testator and a beneficiary to the estate.
If you need or decide to make changes to your testament and last will, you can do this at any time, provided you are mentally competent to do so. If the changes are small then a codicil should be signed. It is a valid document under state laws. If the changes to the testament and last will are much larger, you will most likely need a completely new testament and last will that is valid with the state law.
When you start to create a testament and last will, it is wise to take inventory of all of your assets. Be sure to list as many assets as possible in the will, or some of them will end up bundled in within the clause.
You will also need to be clear on who will be the beneficiaries as this will help in others contesting your will. Organizing any outstanding debts will help in considering the needs of your loved ones and helps to decide if you will need to form trusts.
Finally your testament and last will should be stored in a safe place for protection. It could be placed in a safety deposit box or with your lawyer. It is also wise to let trusted close loved ones, know where it is placed, so when the time comes it will easily be recovered.
29 Oct
