Questions On Wills
The will is one of the most basic parts of the estate planning process. When you engage in estate planning, you can use a will to specify exactly what happens to your things when you die. The process of making a will is not complicated, but it does require some specific features in order to be valid.
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What Types of Wills Are Available?
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While the basic purpose of all wills is the same, you can choose from a few different types of will when engaging in the estate planning process. For example, you can use a simple will, which is basically a form that you fill out with all of your own information. You could also use a holographic will, which is essentially a handwritten document. Some people use video wills, which is a videotape of you reading your will aloud.
What is Needed to Make a Will Valid?
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Just because you write out a document that you call a will, that does not mean the document is valid and enforceable. To make a will valid, you have to be at least 18 years old. You also have to be of sound mind when you fill out the will. Somewhere in the document, you need to state that it is indeed your will. You will also need at least two and sometimes three witnesses depending on which state you live in.
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What Needs to Be Included?
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You could potentially put many different things in your will. If you have small children, one of the most important things to include is who will act as their guardian if you die. You also need to include information about your beneficiaries, such as their names and addresses. Including the name of your executor is also advisable. You can also list specific pieces of property that you own, as well as which beneficiaries will receive each piece.
Why is a Will Important?
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Having a will is important because it provides you with some control over what happens to your estate when you die. If you die without a will, your property will be distributed according to the decisions made by your local probate court. Your loved ones may or may not be taken care of once the decisions of the court are made. It is better to make the decisions in advance so that your family can avoid any problems.
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