Significance Of Wills And Estate Planning To Your Family And Yourself
Wills and estate planning are a fundamental part of organizing and passing your legacy to your loved ones in case of your death
. A statutory will is basically just a form that is only acknowledged in California you can also have a handwritten holographic will which is not accepted in some states, you would have to check with legal authorities in your area on confirmation. The other is the normal will that is drafted in the presence of a lawyer and typed out and duly signed.
For a will to be formally recognized as a formal and legal document, it has to adhere to several principals. It should meet with the state's statutory needs, and indicate that it was written under no undue pressure. It should also mention the capacity of the writer at the writing of it, and be written in testament manner indicating the writer's willingness to get rid of the property.
Important financial records should be attached to the will like your bank and credit statements, all bank accounts and their numbers, all safety deposit boxes and their combinations and access keys. If you have any online accounts their passwords and user names should come in handy. Money owed and owing should also get a mention.
Separate property is that which one acquired before getting married. Community property is that which acquired while married and therefore your spouse has a stake in it, Quasi community is property that was acquired by one partner while they were living in another state.
In case of intestacy, where one dies without a will, children have the right to inherit your property as follows, adopted children can only adopt from the adopted parents and not their biological parents. Children out of wed lock inherit from the mother but have to prove paternity to inherit from their fathers. Step children can inherit from their step parents.
An executor can be appointed by you in the will to manage the day to day running of your estate if you have children below the legal age. He or she should be someone you have total confidence in or you can choose a lawyer or if the estate is big have a trust company do so. They will run your affairs in case of you demise till your children are old enough to take the reins of the estate.
This important document can be amended at any time during the lifetime of the individual. It can also be revoked either in whole or part if it is considered to be going against the state laws laid out. Another reason for its revocation is if it is physically destroyed by tearing or burning. Writing another one automatically invalidates the validity of the previous.
This piece is by no means legal advice, it is just a
wills and estate planning information tool. For expert legal counsel consult a lawyer in your area who will show you the process of making one. A will not only passes your material things to your loved ones but also passes on values.
by: Tracy Narvaez
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