Wills

What Is A Will?
A Will is a document which provides the manner in which a person’s property will be distributed after death. It must meet certain formal requirements as provided by the laws of each state.

Who May Make A Will?
In most states, the maker of the Will must be 18 years of age or older. The maker of the Will must also be of sound mind and free from improper influences.

How Is A Will Made?
1. The Will must be written.
2. The Will must be signed.
3. The Will must be witnessed as provided by state law.

When Should You Make A Will?
A Will should be made while the maker is in good health, free from emotional stress. A prudent person does not wait for a catastrophe or other compelling reason before making a decision. If you have children and you and your spouse dies, do you want to name the guardian of your children, or do you want the court to appoint one? If you do not have a Will, the court, by law, will appoint the guardian.

May A Will Be Changed?
A person may change a Will as often as he or she desires. Changes are made by either executing a new Will which revokes or replaces a prior Will or by executing a legal addition or amendment called a “codicil”. When a codicil to a Will is made, just as when the original Will was created, certain legal and statutory requirements must be met for the document to be effective. If you desire to change your Will, always consult a lawyer in advance.

How Long Is A Will Good?
A properly drawn and executed Will is “good” until it is changed or revoked. Changes in circumstances after a Will has been made, such as tax laws, marriage, birth of children or even a substantial change in the nature or amount of a person’s estate, may raise questions as to the adequacy of that Will. All changes in circumstances require a careful analysis and reconsideration of all the provisions of a Will and may make it advisable to change the Will to conform to the new situation.

What Happens When You Don’t Make A Will?
When a person dies without a Will, or dies “intestate”, as the law calls it, the property of the deceased is distributed according to a formula fixed by law. In other words, if you do not make a Will, you do not have any say as to how your property will be distributed. In many states, for example, if a person dies without a Will, leaving a spouse and two children by that spouse, the spouse will receive the first $50,000 in property value, plus one-half of the balance of the estate with each of the children receiving one-fourth of the balance of the estate. If a person dies intestate, his or her administrator cannot carry on the business of the decedent without express approval from the court. The authority of the Probate Court to approve the operation of a business is extremely limited. In most instances the business must be sold.  If the children are under the "age of majority", the surviving spouse would have to be appointed guardian or conservator of the estate of the children by the court and provide a bond. This guardianship would remain in effect during the minority of the children. Such proceedings would entail considerable expense and would create legal problems that could have been avoided had the deceased spouse made a Will.

Who Will Manage Your Estate?
If you make a Will, you may name the person whom you want to manage your estate during the period of administration. This person is called the executor or personal representative. If you do not make a Will, the Probate Court will appoint someone to handle the affairs of your estate.

Does A Will Avoid Inheritance Taxes And Other Death Taxes?
If you are married, certain types of Wills may reduce or eliminate the amount of taxes that have to be paid. However, it is necessary that everyone be tax conscious.  A lawyer thoroughly skilled in these matters can give you safe advice, for the lawyer must not only know the law of Wills and property, but must be familiar with both state and federal inheritance and estate tax problems.