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A will, known as a last will and testament, is a legal document that outlines an individual's wishes to distribute their property and assets after their death. It is a crucial document that ensures that the person's property is distributed according to their wishes and minimizes any disputes or conflicts between family members.
Essentials of a Will
A will is a legal document outlining how a person's assets will be distributed after death. In the United States, the essentials of a will include the following:
- Declaration of Intent: The will should begin with a declaration of intent that clearly states that it is the individual's last will and that they are of sound mind and legal age to make a will.
- Appointment of an Executor: The will should name an executor responsible for carrying out the terms of the will and distributing assets to the beneficiaries.
- Identification of Beneficiaries: The will should identify the beneficiaries who will receive the assets and property of the individual after their death. Beneficiaries can include family members, friends, or charitable organizations.
- Disposition of Assets: The will should outline how the individual's assets will be distributed among their beneficiaries. It may include specific bequests of money or property or a general distribution of assets.
- Residuary Clause: The will should include a residuary clause, which directs how any assets not specifically mentioned in the will should be distributed.
- Signature and Witnesses: The will must be signed by the individual making the will and witnessed by at least two people who are not beneficiaries.
It is important to note that the requirements for creating a valid will can vary from state to state in the United States, so it is important to consult with an attorney to ensure that your will meets the legal requirements in your state.
How to Draft a Will
Below are the steps you must follow in drafting a will.
- Start with an Inventory of Your Assets. The first step in writing a will is to inventory your assets. It includes your bank accounts, real estate, investments, personal property, and other assets. Be sure to include any debts that you may owe as well.
- Decide on Your Beneficiaries. Once you have an inventory of your assets, you must decide who you want to inherit your property. You can leave your assets to anyone, but it's important to be specific about whom you leave each asset to. You can also designate alternate beneficiaries if your first choice cannot inherit the asset.
- Choose an Executor. An executor is a person who will be responsible for carrying out the terms of your will after you die. You can choose anyone you want to be your executor, but choosing someone responsible and trustworthy is important. Choosing someone familiar with your financial situation and estate planning goals is also a good idea.
- Consider Setting up Trusts. If you have minor children or other beneficiaries who may not be able to manage their inheritance, you may want to consider setting up trusts. A trust allows you to control how your assets are distributed and can provide ongoing financial support for your beneficiaries.
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Choose a Type of Will.
There are several different types of wills that you can create, depending on your needs and goals. Here are some of the most common types of wills:
- Simple Will: A simple will is a basic document that outlines how your assets will be distributed after your death. It does not include any trusts or other complicated provisions.
- Living Will: A living will is a document that outlines your wishes regarding medical treatment if you become incapacitated and cannot make decisions for yourself.
- Pour-Over Will: A pour-over will is used in conjunction with a trust. It transfers any assets not already in the trust into the trust after your death.
- Holographic Will: A holographic will is a handwritten will that is not witnessed. It is only valid in certain states and maybe more scrutinized than other wills.
- Joint Will: A joint will is a document created by two people, usually spouses, who leave their assets to each other. The surviving spouse then inherits all the assets after the other spouse dies.
- Work with an Attorney. While creating a will on your own is possible, working with an attorney is generally a good idea. An attorney can help you ensure your will is legally valid and accurately reflects your wishes. They can also help you navigate any complex estate planning issues that may arise.
Key Terms for Wills
- Beneficiary: An individual named to inherit funds or other belongings in a legal document. Wills, trusts, and insurance policies generally name beneficiaries for "payable-on-death" accounts.
- Executor: The person designated in a will and appointed by the probate tribunal after the will-maker's demise to wind up the matters of a departed individual. In some states in the U.S., executors are called "personal representatives."
- Residue or Residuary Estate: All real estate property subject to a will not be offered away explicitly in the will. Generally, a will leaves specific valuable articles to named beneficiaries and then "the rest and remains of the estate" to another heir.
- Inheritance Tax: A state tax imposed on people who inherit property. Only a few states in the U.S. levy estate tax, and most exempt immediate family members from the tax.
Final Thoughts on Wills
A will is a fundamental statutory document in an individual's inheritance plan. It spreads out a person's final wishes about their assets and belongings. It provides thorough instructions about how to allot their possessions. Nevertheless, there are specific things a will cannot perform for a person, such as helping a household avoid probate or reducing estate taxes.
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Meet some of our Will Lawyers
Agnes M.
Agnes Mombrun Geter is the Founder and Managing Attorney of Mombrun Law, PLLC. She is an experienced attorney and is a member of the Florida Bar, New Jersey Bar, and the Pennsylvania Bar. The firm's practice focuses on Estate Planning, Business Law, and Debt Settlement including IRS Debt Relief. The firm's goal is to simplify the law and provide clients with the confidence and information necessary to make their decisions. The firm also provides project-based legal services to other attorneys and law firms, along with assisting as personal counsel and local counsel on legal matters.
Ryenne S.
My name is Ryenne Shaw and I help business owners build businesses that operate as assets instead of liabilities, increase in value over time and build wealth. My areas of expertise include corporate formation and business structure, contract law, employment/labor law, business risk and compliance and intellectual property. I also serve as outside general counsel to several businesses across various industries nationally. I spent most of my early legal career assisting C.E.O.s, General Counsel, and in-house legal counsel of both large and smaller corporations in minimizing liability, protecting business assets and maximizing profits. While working with many of these entities, I realized that smaller entities are often underserved. I saw that smaller business owners weren’t receiving the same level of legal support larger corporations relied upon to grow and sustain. I knew this was a major contributor to the ceiling that most small businesses hit before they’ve even scratched the surface of their potential. And I knew at that moment that all of this lack of knowledge and support was creating a huge wealth gap. After over ten years of legal experience, I started my law firm to provide the legal support small to mid-sized business owners and entrepreneurs need to grow and protect their brands, businesses, and assets. I have a passion for helping small to mid-sized businesses and startups grow into wealth-building assets by leveraging the same legal strategies large corporations have used for years to create real wealth. I enjoy connecting with my clients, learning about their visions and identifying ways to protect and maximize the reach, value and impact of their businesses. I am a strong legal writer with extensive litigation experience, including both federal and state (and administratively), which brings another element to every contract I prepare and the overall counsel and value I provide. Some of my recent projects include: - Negotiating & Drafting Commercial Lease Agreements - Drafting Trademark Licensing Agreements - Drafting Ambassador and Influencer Agreements - Drafting Collaboration Agreements - Drafting Service Agreements for service-providers, coaches and consultants - Drafting Master Service Agreements and SOWs - Drafting Terms of Service and Privacy Policies - Preparing policies and procedures for businesses in highly regulated industries - Drafting Employee Handbooks, Standard Operations and Procedures (SOPs) manuals, employment agreements - Creating Employer-employee infrastructure to ensure business compliance with employment and labor laws - Drafting Independent Contractor Agreements and Non-Disclosure/Non-Competition/Non-Solicitation Agreements - Conducting Federal Trademark Searches and filing trademark applications - Preparing Trademark Opinion Letters after conducting appropriate legal research - Drafting Letters of Opinion for Small Business Loans - Drafting and Responding to Cease and Desist Letters I service clients throughout the United States across a broad range of industries.
Stacey D.
I enjoy helping businesses of all sizes succeed, from start-ups to existing small and medium sized businesses. I regularly advise corporate clients on a variety of legal issues including formation, day to day governance, reviewing and drafting business contracts and other agreements, business acquisitions and sales, as well as commercial and residential real estate issues, including sales, purchases and leases. As an attorney licensed in both Michigan and Florida, I also advise clients on real estate issues affecting businesses and individuals owning real property in either state, whether commercial, residential or vacation/investment property. I also regularly assist nonprofit organizations in obtaining and maintaining tax exempt status, and provide general legal counsel on all matters affecting public charities, private foundations and other nonprofit organizations.
Anatalia S.
High quality work product at affordable prices.
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Rinky P.
Rinky S. Parwani began her career practicing law in Beverly Hills, California handling high profile complex litigation and entertainment law matters. Later, her practice turned transactional to Lake Tahoe, California with a focus on business startups, trademarks, real estate resort development and government law. After leaving California, she also served as in-house counsel for a major lending corporation headquartered in Des Moines, Iowa as well as a Senior Vice President of Compliance for a fortune 500 mortgage operation in Dallas, Texas prior to opening Parwani Law, P.A. in Tampa, Florida. She has represented various sophisticated individual, government and corporate clients and counseled in a variety of litigation and corporate matters throughout her career. Ms. Parwani also has prior experience with state and federal consumer lending laws for unsecured credit cards, revolving credit, secured loans, retail credit, sales finance and mortgage loans. She also has served as a special magistrate and legal counsel for numerous Florida County Value Adjustment Boards. Her practice varies significantly from unique federal and state litigation cases to transactional matters. Born and raised in Des Moines, Iowa, Ms. Parwani worked in private accounting for several years prior to law school. Her background includes a Certified Public Accountant (CPA) certificate from Iowa (currently the license is inactive) and a Certified Management Accountant (CMA) designation (currently the designation is inactive). Ms. Parwani or the firm is currently a member of the following organizations: Hillsborough County Bar Association, American Bar Association, Tampa Bay Bankruptcy Bar Association, National Association of Consumer Bankruptcy Attorneys, and the American Immigration Lawyers Association. She is a Fellow of the American Bar Association. Ms. Parwani is a frequent volunteer for Fox Channel 13 Tampa Bay Ask-A-Lawyer. She has published an article entitled "Advising Your Client in Foreclosure" in the Stetson Law Review, Volume 41, No. 3, Spring 2012 Foreclosure Symposium Edition. She is a frequent continuing legal education speaker and has also taught bankruptcy seminars for the American Bar Association and Amstar Litigation. She was commissioned by the Governor of Kentucky as a Kentucky Colonel. In addition, she teaches Immigration Law, Bankruptcy Law and Legal Research and Writing as an adjunct faculty instructor at the Hillsborough Community College Ybor campus in the paralegal studies program.
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Nicole R.
Full-service boutique law firm providing personalized services in business law, trademarks, and real estate closings/title work.
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Maury B.
Respected, driven, ethical, and high energy legal and business professional with strong focus on litigation, contracts and compliance issues. Critical management experience includes client development, developing core initiatives, and forecasting risk in major corporations. Strong legal research, analytical and problem solving skills with demonstrated adaptability in a multifaceted legal practice including delivering high value results in a Fortune 10 environment. Core competencies include: Tactical and strategic legal direction and support to clients which includes contract negotiation, drafting and review, business planning, and a passion for relationship management. Excellent legal research, writing, analytical and problem solving skills including legal training and compliance with regulatory requirements and corporate policies. Coordinates with in-house legal and business resources for team building with excellent verbal communication skills, coaching, and leadership.
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Will
Washington
How do I exclude a child from my will?
I want to write my will and exclude an estranged son. Can I just have a paragraph stating my son's name and that he is to receive nothing whatsoever from my estate? Should I leave him $1.00? Is there a preferred approach to make sure he can't contest my will and receive anything? We've been estranged for years. Thanks.
Matthew S.
Yes, you could structure your will in that way. You don't even need to leave $1.
Estate Planning
Will
Washington
I want to leave my house to my grandson but give my daughter the right to live there as long as she lives. What kind of wording is needed in my will in WA State?
I want to leave my house to my grandson but allow his mom (my daughter) to live there through the end of her life. How do I word this in my will? The three of us have always lived together; my wife died recently.
Matthew S.
You would leave the house to your grandson while granting your daughter a life estate in the property.
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Location: Florida
Turnaround: Over a week
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Doc Type: Living Will
Number of Bids: 2
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Location: Oregon
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