You probably already know this, but a will is a legal document in which you state who is going to receive your estate after your death. It also allows you to name a legal representative. This person will represent your estate and oversee the distribution of property in accordance with your will.
No, you have to be over the age of 18 and of "sound mind" to make a will.
When a person dies leaving without a will, all of a person's property is distributed according to a formula fixed by law. This formula cannot take into consideration the needs and wants of any individual or family. Without a will, legal costs are increased as well. It can also lead to hard feelings. Finally you will have no say as to who will look after your affairs after you have gone. In short, the time spent preparing a will, far outweighs the inconvenience of not having a will.
In your will you appoint a representative to be responsible
for your estate when you die. This appointment is an important
one and one which will usually be influenced by such things as:
1. The value and complexity of your assets;
2. The length of time required to administer your estate, for
example if you die leaving young children.
3. Do you want your affairs handled by your spouse, a relative,
by a non family member, or trust company?
Your representative gives effect to the your wishes. He or she is responsible for paying all the debts of your estate (including taxes) and to distribute the estate to the beneficiaries.
You may think that doing your will on your own is a sensible way
to have your will completed. Consider that you wouldn't hire just
anyone to fill your teeth or perform surgery on you. Having a
lawyer prepare your will is sensible because your lawyer has the
training and experience to properly draft a will which reflects
your wishes.
The cost will depend on the complexity of the will and the nature
of your estate. Your lawyer can give you an estimate of the cost
of preparing a will once you provide the lawyer with details regarding
your estate. However most wills can be prepared by your lawyer
at a modest price.
A will does not become final until the death of the maker. As
long as you are mentally competent, you can change your will.
However, one should review his or her will at least every five
years and certainly upon the occurrence of any major event. A
major event would include births, deaths, marriages, dissolution
of marriages, tax law amendments or changes in the nature, extent,
or property owned.
A marriage will automatically revoke your existing will unless
that will was prepared in contemplation of marriage. However,
upon dissolution of a marriage, your will remains in force until
revoked. Therefore if you marry you should change your will.
YES! What if something happens to both you and your spouse. Bank accounts, real estate, stocks, bonds and other property held in the joint names of the spouses (but not necessarily other persons) usually pass automatically to the surviving spouse. If, however, one spouse dies shortly after the other, such as in the case of a common accident, the surviving spouse may not have the time or opportunity to make a new will, lack the capacity to make a will, or neglect to prepare a will.
A guardian is the person responsible for the upbringing of the children until age 18. If your will does not specify who will look after your children, then your representative will have to have the court appoint a guardian, this may be a person that you do not want to be your child's guardian.
By simply filling in the information in the Will and Enduring
Power of Attorney Questionnaire and sending it back to me by E-mail,
I can then prepare the basic Will and then have you in to the
office to sign the document. All it takes is a few minutes of
your time.
This article was prepared for general information
only. If you have any questions you should contact your lawyer
and discuss your concerns. I hope you have found it informative.
Douglas N. Alger
Douglas N. Alger Law Office
