Almost everyone should have a legally binding and updated will. It's important that your possessions and hard earned assets are divided up according to your wishes after you die. Wills are easier and cheaper to complete than you may think. Take this quiz and learn about how to create a legally binding will.
Who should have a will?
anyone of retirement age
anyone of legal age
Wills are very important and anyone of legal age should have one. Even young adults have possessions and assets.
In most states, you actually do not need a lawyer when drafting and signing a will. A testator, which is the person who's will it is, and one witness are the only people that need to sign a will to make it binding.
The executor, also known as the personal representative, is the most important person named in a will. This person is responsible for gathering all of your personal property, paying off your debts from your estate and distributing your assets according to your wishes.
What type of will is most commonly challenged in probate court?
If you are faced with imminent death, you may quickly draft a deathbed will. Unfortunately, these wills are most commonly challenged in probate court. The mental state of the person drafting the will is frequently called into question.
Oral wills are communicated to a witness instead of written down. Oral wills are generally used when someone believes there isn't enough time to write a written will, such as in the case of soldiers in combat.
What should you do if you create a do-it-yourself will?
Review your state's law regarding legal wills.
Have the will reviewed by a lawyer.
either of the above
There are many resources available for creating a do-it-yourself will, including Web sites and books. It's still important, however, to review your state law regarding wills or have the do-it-yourself will reviewed by a lawyer.
Why are wills typically contested in probate court?
on the grounds of fairness
due to omissions
disapproval of the executor chosen
Wills cannot be contested on the grounds of fairness or due to omission of assets or possessions from the will. A beneficiary may contest a will if the beneficiary does not approve of the executor that was chosen.
The beneficiaries are required to pay all taxes related to money they inherit. Estate taxes can be pretty steep and most wealthy people use various loopholes to prevent their beneficiaries from paying hefty estate taxes.
There are several online forms that you can use to create a living will. They are rather inexpensive to complete. It's very important to complete a living will, especially if you have specific health care wishes.