Your will and testament is most probably the most important document you ever create. In it you dispose of all the personal items and material goods and wealth you have accumulated in your life time. Initially a will and testament were two different documents. In a will a person disposed of all the physical assets he had and in the testament the personal effects were distributed. Over time and common usage, these two documents have been combined into one all inclusive will and testament. While it is possible to write your own will and testament without the need to consult a lawyer, it is necessary to ensure that some basic aspects of the document are taken care of so that the distribution of the estate goes smoothly.
Things To Ensure In A Will And Testament
Inheritance and property laws vary from state to state. Use the internet to ensure that the will and testament you are creating follows the laws of the state where you reside. Always remember that if you move to another state, you may have to modify the document to bring it in consonance with the laws of the state you have moved to.
There are various different types of wills and testaments ranging from the simple one to the complex types that creates trusts and use a plethora of tax savings options to benefit the estate. If you have a large estate or many heirs, using a simple last will and testament from may not suffice for your needs. In that case you should think of consulting a lawyer.
Ensure that the witnesses’ names and addresses are clearly indicated along with their signatures. This will make locating them easier.
Signing your will and testament and getting the witnesses to sign in the presence of a notary will help to ensure that the genuineness of the document is not questioned.
Identify an executor who is competent, able and willing to undertake the responsibility. The executor is the person who ensures that your wishes, as stated in your will and testament, are carried out. You do not want someone doing a half baked job. Appoint an alternate executor in case the first executor is unable to take on the work for any reason.
Ensure the executor is someone you trust as you will have to give him the authority to meet all the financial obligations arising from your death – things like funeral costs, paying unpaid taxes and clearing any outstanding debts. Some states require the executor to sign a bond to prevent any misuse of the authority granted. If you wish your will and testament can specifically state that this is not required.
Place the will and testament in a secure place that is know to the executor and a few other people and make sure that the executor has quick access to the document upon your death.