Wills
A will is a document
in which you state how you want your property distributed upon your death. In
your will you will also name an executor to carry out the directions of the will.
A will can also designate that individual the decedent would like to have serve
as guardian of minors. In order for a will to be valid there must be a present
intent of the individual at the time of execution that the document be considered
a will. Also, the individual must have "testamentary capacity", meaning
that he or she must appreciate, in a general way, who his or her relations are
and what property he or she possess, and indicate an intelligent understanding
of the disposition he or she wishes to make of it.
Many people put off
making a will, probably because considering a will forces each of us to think
about death- an unpleasant topic for many. Believe it or not, most Americans die
without a will. However, you should know that not having a will can cause many
unnecessary headaches at a time that is already difficult.
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Some individuals
decide to draft their own will, using kits or computer software programs instead
of having an attorney handle the procedure. This can lead to tragic mistakes.
Developing a will requires knowledge of federal or state tax laws, and the use
of precise language. A will that is not skillfully drafted could result in your
estate being distributed in a manner that you did not contemplate and lead to
unnecessary legal costs. When it comes to a matter this important, do not be "penny-wise
but pound foolish". Use the services of a skilled, experienced attorney.
Dying without a will
could result in your minor children being placed in the care of a guardian whom
you might not have chosen.
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