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| How to Make a Will |
In the past, there has been much discussion and discrediting of
"do-it-yourself" will kits, when in fact, the sections and
clauses they contain, are pretty much the same templates that a
lawyer uses in their office. So a straightforward will can be
done by an individual, and should have no problem being
acknowledged as legal, if the proper procedures are followed.
First, a person must sit down and write out a list of their real
and jointly owned property. Something co-owned with a spouse
automatically goes to them |
upon your death, however a business
co-ownership usually reverts to the surviving partner.
Once you have identified all properties, such as real estate,
artwork, jewelry, investments, bank accounts, etc; you can then
make out a list of specific bequests. After you have accounted
for mementoes and things you wish to pass to relatives and
friends, you make your major bequests, to children, siblings,
parents and spouses.
Most states have laws regarding how much of an estate a spouse
is entitled to, usually in |
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the one-third to one-half range. If
you leave a spouse less than that, they may contest the will, to
the loss of the other beneficiaries, since expenses will come
out of the estate. When a person dies without a will, state laws
divide the estate between the spouse and children at a set
percentage. And while it is possible to disinherit a child
entirely, it is a tricky business that requires legal advice. In
the end, it is usually simpler to leave the child a nominal
bequest to avoid litigation.
After directing |
individual bequests, and those to your immediate
family, you should name a beneficiary for the residual of your
estate, which would include all things not listed in the will
for distribution, and any property or monies acquired after the
will was written. The residual beneficiary is usually the main
one as well, such as a spouse, parent or child.
About the author:
Visit http://www.learnhowtomakeit.com for instructions on how to
make just about anything you can think of.
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