Mark W. Jordan Wills and Probate Law Blog on Lawyers.com

This is the second of a series of articles providing helpful information on estate planning.  Please contact the estate planning professionals at The Drew Law Firm for more details on any of these topics or for any of your estate planning needs.

             
60;                & #160;                 ;                
60;  Will

Q:        Why is a Will useful in estate planning?

A:        Your Last Will and Testament is the roadmap to guide your executor through the distribution of your estate.  In addition to specifying “who gets what,” a Will enables you to do the following:

1.      Designate a guardian for your minor children.

2.      Name your executor.

3.      Empower your executor to continue your business and handle other transactions that the executor would not otherwise have the authority to do under state law.

4.      Take maximum advantage of your unified credit and your marital deduction.

5.      Give assets to charity.

6.      Pour over assets to a living trust for the care of your loved ones.

7.      Specify that no bond is required for your executor.

8.      Designate which assets will be used to pay the estate settlement costs, so that these charges will not be levied against certain beneficiaries.

9.      Cover various scenarios such the death of you and your spouse within a short period of time.

Q:        What happens if you don’t have a Will?

A:        The government decides who receives all of your possessions.  Every state has statutes which apply if you die intestate (no Will).  The probate court will select the administrator of your estate and the guardian for your minor children.  A bond will be required.  The process will usually take longer and cost significantly more than if you had a Will.

Q:        What is required to have a valid Will?

A:        While the laws vary from state to state (this is another reason to consult a local attorney), the following aspects are usually necessary for a valid Will:

1.      Mental competence.

2.      Minimum legal age of 18.

3.      No fraud, duress, or undue influence.

4.      Written, dated document (preferably typewritten).

5.      Your signature at the end.

6.      The signature of two adult witnesses who will not receive anything under the Will.

7.      A self-proved Will requires the notarization of your signature and the signature of each witness.