Wills
DEFINITION OF WILL
Will: American Heritage Dictionary provides the following meaning (among others):
- A legal declaration of how a person wishes his or her possessions to be disposed of after death.
- A legally executed document containing this declaration.
I need not say any more. It is pretty clear, at least in my mind.
A will can be handwritten or typewritten. A handwritten will is known as Holographic will and can be sufficient without any other indicia’s. However, the following information must be present:
- Identify the testator (person who is writing the Will) fully. We usually also provide address.
- Revoke any previous Will or Codicil. A codicil is an attachment to a Will. So, dating the Will is important. Last one in time controls.
- The testator must be of sound mind. Hence the requirement of two witnesses. Witnesses can prove whether the testator was of sound mind or not or knew what he or she was doing or not. California requires two witnesses.
- Proper age is important. Any adult over 18 can write a will.
A will can be changed or revoked any time.
Leaving a will behind after your passing is more important than what you actually leave behind for your loved ones. If your family and friends do not have a legal document stating your wishes for your children and property after your death, state law will determine the recipients (and they may not be the ones you would have wanted)—a judge may decide who will take care of your children. On the other hand, should you leave a will stating your wishes explicitly, these decisions will be your own. Often loosely worded or vaguely stated wishes can be contested. To avoid this, it is vital that you chose an attorney who understands your circumstances and requirements.
The following are a few of the essential appointments that you will need to make in your will:
- Beneficiaries of your property—beneficiaries may be people and/or organizations.
- A guardian in the case of minor children.
- A guardian or guardians to manage property you leave to minor children (yours or someone else’s).
- The person authorized by you to make sure that the terms of your will are carried out—the executor of your will.
This is the basic form of a will. Depending on the circumstances and the extent of your properties, a will is subject to tax laws, which makes things more complicated—unless your will is supervised by an experienced attorney.
Should you leave anything more than a small amount of property through a will, the State determines whether your will requires probate court proceedings after your death. Although it varies from state to state, probate can take six months to a year. This is where your will and our experience can help your beneficiaries.
In case of estates exceeding two million dollars, be advised that apart from writing a will, there are numerous issues relating to federal estate tax laws, inheritance laws, and more. If your estate falls into this category, you need to make provisions for payment of those taxes, or your beneficiaries will be left with little or nothing at all.
For sound advice and understanding of your circumstances and wishes, give us a call. We’d be delighted to discuss your requirements and then make a plan to carry out your wishes.
