Tuesday, October 7, 2014

Last Will

The Last Will and Testament is a directive of how you would like your estate to be handled. The last will and testament form appoints an executor to handle your affairs and distribute your assets to the beneficiaries named by you in your last will.

How to ensure that your estate is handled according to your wishes?

An improperly prepared often results that the estate is not handled according to the wishes outlined in the last will. This may arise due to a variety of reasons that include:

1. The form is not state specific
2. The form is not up to date with current state laws.
3. The form is not specific enough leaving room for many different interpretations.

Any last will not meeting the conditions above not only results in the wishes in the form not being implemented but also a costly and prolonged legal battle between the beneficiaries. In addition, having a proper last will lead to a more amicable relationship between the beneficiaries since everything is clearly outlined.

What is the most cost effective option available?

The Internet changed the way we do many things. Legal documents are no exception. The same standard form used by an attorney can be obtained online for a fraction of the price. The form can be purchased online, downloaded, edited and printed.

What are the most important tips for completing a Last Will and Testament?

1. Destroy all copies of old and prior wills you have previously executed.

2. Provide at least nominal gifts to all your children. If you leave nothing for them, a judge could determine at a later date that you forgot to do so, should one of them challenge your Will. Even a gift of $1 to the child you "omit" will suffice.

3. Choose appropriate witnesses. All states require two witnesses, with the exception of Vermont. However, it is strongly recommended that you have three witnesses sign your Will in the event a witness dies or moves to another state. Your spouse or children should not serve as witnesses. Your witnesses must be at least 18 years of age and should not be a beneficiary to your Will.

4. Choose an appropriate executor and alternate executor. Ideally, these individuals should reside in the same state. Otherwise, it would be costly for your executor to travel back-and-forth toes manage your estate.

Last Will and Testament Form.
Article Source: http://EzineArticles.com/?expert=Davee_J_Brown

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