Understanding Wills
Wills are commonly used in estate planning to specify what happens to a person's possessions once he dies. Without this type of document in place, the distribution of a deceased person's assets can potentially be handled in ways that are not in keeping with what the deceased would have set forth had he written a will.
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Control
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By writing a will, you can specify which assets go to which beneficiaries and can make provisions for any children you may have under 18 years of age. If you do not have a will, your possessions will be distributed in accordance with rules of the probate court and your children will go to the state until determinations are made pertaining to their best interest.
Valid Will
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If you are creating a will, you have to make sure that it is valid according to the rules of your state. Each state has specific rules that determine when a valid will is legally binding. For the will to be valid, you must be at least 18 years of age and of sound mind when the will is created. Most states also require you to have two witnesses when you sign the document. Some states require as many as three witnesses.
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Administration
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One of the most important components of creating a will is deciding on an executor. An executor takes your will to the probate judge to verify it and then works on the distribution process. Most of the time, you should choose someone who is close to you and trusted. Attorneys, having the knowledge required to navigate the probate process easily, can also act as executors.
Creating a Will
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The process of creating a will does not have to be difficult. Some people seek the assistance of lawyers, but this is not entirely necessary. You can potentially buy a software program that guides you through the process or even get a basic form online to help. Some people even create video wills in which they read their own wills.
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