Saturday, March 31, 2012

What Is a Will?


What Is a Will?
The most basic estate planning tool, a will is the legal document that states the actions you wish to be taken after your death in regard to:
  • the disposition of your property;
  • the guardianship of your minor children; and/or
  • the administration of your estate
Do You Need a Will?
If you have a spouse, children and/or property, the answer is most definitely YES!
The alternative is to allow the state in which you reside to determine:
  • how your property will be distributed among your heirs, including who those heirs are;
  • who will serve as the guardian of your minor children; and/or
  • how your estate will be administered.
Who Can Make a Will?
State statute determines who can make a will. Generally, you must be "of age," as defined by state law, and of sound mind. In addition, state law generally requires that your will be written, signed and witnessed by a required number of witnesses.
While you can draw your own will, the preparation and execution of this important legal document is generally best left to an attorney.

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