We all know that estate planning and creating a last will and testament are important, but most people don’t actually fill out these documents. In fact, when asked why they do not currently have a will, a full 57% of respondents explained that they “just haven’t gotten around to making one.”
This isn’t an excuse when it comes to protecting your family in the case of your death. However, it is easy to feel overwhelmed when it comes to planning these sensitive documents. Our best trick for being prepared for creating a will is simple: be prepared. It is best to know all you can before you finalize your document, so to prevent apprehension and confusion, here are five important things to know about a last will and testament.
- If a person dies without formally filling out a will, as per federal law they will become an interstate. This means the person’s estate — all of their finances and assets– will be settled and handed out as per the law of their state of residence. This is where probate comes in, as this is the term used when the judge overseeing the case transfers the property or assets to who the state deems the heir.
- Your will can be handwritten or typed on a computer, as long as it is in a concrete document that clearly expresses your wishes. While you can write a will by yourself, it always is helpful to have an experienced estate planning lawyer to help you ensure no stone is left unturned.
- However, in order for the will to be valid in the eyes of your state, you must have the correct amount of witnesses, a clear date authorized with your signature, and no signs that the document has been tampered with. This even includes taking out staples or paperclips!
- You and your spouse should have separate wills, because there is a chance you both will not die together. Having separate last wills and testaments will act as a method of protection for the surviving spouse, along with preventing any confusion that may come with passing on property that is not held jointly.
- You can leave specific items to specific beneficiaries. Don’t be afraid to list out exactly where you want your assets to go, and you can even write a more detailed Letter of Instruction that will help the executors complete their job.
Interested in learning more about the process around a last will and testament? Please contact our lawyers today.