Although most are aware of the significance and the benefits wills entail, according to a study conducted by the AARP, more than 40% of Americans above the age of 45 don't have a will. Younger people are even more unlikely to have wills. A few likely reasons for that may include:
· The mystification of writing a will - people shy away from it fearing a task as "complicated" as drafting a will, as the legal establishments have people believe, should not be attempted by novices.
· The fear of lawyers - others are wary of lawyers and the legal system, apprehensive of the fees that may be charged.
· Lurking behind most people's inability to make a will is the superstitious (and irrational) belief that somehow thinking of, or making a will may hasten death.
A will, under no circumstance, is meant to be frightening. Its associated legal requirements are not as complex either as many people fear. A will is merely an acceptance and a reconciliation with the laws of nature, a responsible control over crucial parts of ones families life.
What Exactly Is a Will
A will is a legal document that takes effect after the death of a testator or the person creating the will, in which he makes a disposition of his personal and real property. Additionally, the will can only be revoked by the testator him or herself.
Who is Eligible to Make a Will
Anyone who is 18 years or older and of "sound mind" is eligible to make a will.
Why is it so Important to Make a Will?
A will determines who will benefit from a testators estate, instead of it being consumed by the laws of intestacy. With the inheritance tax trap overwhelming an ever-increasing number of estates, a will lessens the impact of extraneous tax. Since the major portion of married testators bequeathing their will to their partners, no inheritance taxes apply in the case. Life has to take its course, and at the passing away of the testator, his or her beneficiaries or next of kin inherit the willed estate.
Wills are defined differently within different jurisdictions, some requiring notarizing or witnessing, besides other formal procedures, while others may allow enforcing a holograph will.
Types of Wills
·Conventional/typed written wills
This is the type of will most familiar to courts and legal settings. It is typed and signed upon preparation.
·Pour Over Wills
A pour over will is a type of a conventional will that names a "living trust" established by the testator to receive the property subject to the will.
·Statutory Wills
Authorized by state laws in New Mexico, Maine, Massachusetts, Michigan, California and Wisconsin, a statutory will is a printable, fill-in-the-blanks/check-boxes will, being an excellent option in theory (due to their affordability and reliability), but falling short in practice. The options they provide to people are limited in regards to how property can be left. And due to their standardized form, they cannot be customized to fit in additional user-defined clauses.
·Stationary Store Wills
Most legal supply stores or stationery stores provide a printable will form which can be completed by the testator. Alghough being effective in terms of offering an easy option to will makers, they are oversimplified, and fall short in terms of providing adequate instructions.
·Handwritten Wills
Holographic or unwitnessed, handwritten wills are valid in a minority of US states. The testator must write, date and sign them entirely by him or herself. This type of will is not recommended, since probate courts scrutinize them in detail after the death of a testator since they are deemed less reliable than witnessed wills.
·Joint Wills
A joint will is that which is made by two different individuals and serves as the will of both. In a join will, each of the two people leave their possessions and property to the other. The will then specifies what follows upon the death of the second person. A join will is a contract between two people, both consenting for a revocation to be effective.
While drafting a will, it may prove a more viable option to do so through a trained solicitor or will writer who will ensure its legal validity, tax efficiency and structural requirements as per client request. Although being a more expensive alternative then perhaps doing it oneself, a trained hand will ensure no errors are made.
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