subject: 70% American have not made their will ! [print this page] 70% American have not made their will !
What is a will?
Will is a piece of legal note / statement which tells family, friends and loved ones what should they be getting from the remains of your property, cash, land, Intellectual property, etc... Everyone should have a will made so there is no confusion upon your death, life has no guarantee or warranty, you don't know what happens next moment, and you might meet an accident. Today the legal system is very complicated, a well written will helps to divide the property without any confusion.
What should be written in the will?
Describe in details about the Bank details and the money you have in form of cash and or other types of investment like Stock, Bonds and loans given to friends and family, if you have death insurance policy don't forget to mention all possible details or else the insurance companies will give very hard time to the beneficiary.
Wills are typically not found until several days and week of a person's death, which is too late for family and friends to make decision about disposition of body and funeral services, make a separate document stating all your wishes and tell the executor person where he or she can find full copy of the will in your absence. Writing should be very clear; it is advisable to get the will typed.
Put certain conditions on the Gifts: There are also few technical legal limitations on what your will cannot leave a gift that is contingent on the marriage or divorce, nor can keep condition to change religion for the recipient, you can keep certain conditions like your son or daughter gets money if and when they go to college for further studies. You cannot keep money for illegal purpose like sponsor minor to smoke cigarettes.
There have been cases where people leave money and property for their Pets, legally pets can't own property, so it's foolish to leave property on Pets name, instead you can leave the pet to someone prior who has agreed to take care in your absence, and leave some portion of money to the person to cover the expense related to pet care.
It is advisable to create legally valid will, you would get several freelance writers who are specialized in Will documentation, they also have fair level of legal knowledge to brief you initially on what should be written and how.
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