WILL
A will is a legal document that provides the maker aka the testator the opportunity to control the distribution of his or her property at death thereby avoiding the harsh realities of the state’s intestacy laws. A will is one of the many documents needed for Estate Planning.
A Sweetheart aka I Love You Wills are wills drawn up by two individuals based on mutual understandings which leave all assets to each other upon death of the other. It is reciprocal in nature.
Types of Wills will include
A) Holographic Wills—Handwritten by the maker
B) Nuncupative Wills—Oral, dying declarations that are made before a sufficient number of witnesses
C) Statutory Wills—Drawn up by an attorney with compliance the state laws in which the maker resides.
A Will is said to be Valid when the
1) Maker is of legal age or age of maturity
2) Maker has legal testamentary capacity
3) Maker recognizes and recollects the property being disposed of AND
4) Maker recognizes the relationships of those loved ones that have claims in the will
Common Clauses in a Will
1) Introductory clause
2) Declaration Clause
3) Bequest Clause
4) Residuary clause
5) Guardianship clause
6) Attestation clause
7) Self proving clause
8) Simultaneous clause
9) Survivorship clause
10) Disclaimer clause
11) Contingent Legatee Clause
12) No Contest clause
Dying Intestate means dying without a proper a will or dying with a will which fails to dispose of all your properties. Dying testate means dying with a properly drawn up will.
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