Occasionally, I have been known to write articles purely of a humorous nature but the tone of this article is of a serious one. As I grow older and time slips by, I realize that I don't have a last will and testament in place. I don't plan on getting hit by a bus in the near future, but I realize fate has a habit of changing even the best laid plans. After doing much research on the subject, I am prepared to share with you, the reader, what I have learned.You may ask, "why have a will at all?" To answer that question, a will can protect your assets and minimizes the chances of a contest over your estate. If you die without one, your estate may not be distributed as you choose. A will provides for your family, specifies whom you would like to receive your property, outlines your funeral and burial instructions, creates a trust and/or names a guardian for minor children and specifies who you disinherit.
THINGS TO KNOW ABOUT WILLS
a) You do not need an attorney to create a will
b) Your will does not have to be notarized (except in Louisiana)
c) Any person over the age of majority and of sound mind can draft his or her own will
REQUIREMENTS FOR CREATION OF A WILL
a) The testator (creator) of the will must clearly identify himself or herself as the maker of the will whereby creation or "publication" of a will is typically satisfied by the words "last will and testament" on the face of the document
b) The testator declares that all previous wills and codicils are revoked. Destroying all copies of old wills is highly recommended
c) The testator must state that he or she has the capacity to dispose of his or her property and does so freely and willingly
d) The testator must properly sign and date their will. To do so, the will must be signed in the presence of at least two witnesses, but three are recommended. The state of Vermont requires this. Witnesses must be at least eighteen years of age but should not be a beneficiary of said will. It is not recommended that a spouse or children serve as witnesses either. Ideally, anyone who is or can be a beneficiary should not be considered a witness to a will signing.
e) The testator must sign the absolute bottom or end of a will. No lines or spaces should follow a signature. If this is not the case, any text following the signature will be ignored or the entire will may become invalidated
f) Witnesses must be in your immediate presence, must observe your actual signing of the will, and all the witnesses must observe the other witnesses signing the will. ALL WITNESSES MUST SIGN YOUR
WILL
g) You do not need to read your will to them and it is unnecessary for them to read it. However, they must clearly understand that this is your last will and testament and that you intend for the document to function as your will upon your death
Married couples should create two wills that mirror each other and name the same alternate beneficiaries, executors, guardians and trustees.
