LA Probate Law Understanding the Different Types of Wills
A Last Will and Testament is a document which provides for the distribution upon death of the assets an individual and his/her ancestors have accumulated during life. There are many formal legal requirements relating to the creation and execution of a Will which must be followed for the Will to be valid. A proper Last Will and Testament is intended to assist in the administration of one’s estate after death says LA Probate Law.
Statutory Will
A statutory will is a very simple will that most probate courts will accept assuming it is executed correctly. The nuncupative will, which is an oral statement subsequently reduced to writing (within a statutory time limit) by the person who heard the testator (person making the will) make the statement. This type of will could be a deathbed statement of intent or a battlefield expression, or the like and is only applicable to nominal or minimal assets of personal property. Here again you would need to consult your state statutes, since the treatment of nuncupative wills varies from state to state.
Holographic Will
A holographic will is one that is entirely handwritten and signed by you but is not witnessed or notarized. Most states dislike holographic wills for obvious reasons but will recognize them under specific narrow circumstances. You should note that this form of will is only valid as to personal property and in some jurisdictions it is not recognized at all. Local statutes should be consulted to determine if it is considered valid and in your state and that it meets all of the requirements set out by statute.
Basic Will
A basic Will almost inevitably includes detailing your choice of Executors, who will ensure that your instructions included in the document will be carried out, and the names of any Guardians, who may perhaps take over the parenting of any children you may have, in the event of your early death.
Joint Will
Creating a joint estate plan is an option for you to consider. In many cases a joint estate plan can be bound legally even if you die. The parties make the will together, agreeing to leave their property to beneficiaries identified under the will. Typically, the parties agree to leave their assets to each other, but they can also agree to leave property to third parties explains LA Probate Law. The will dictates what happens to the assets after the second party dies, and can be used by married couples to protect children from previous marriages. It is a testamentary gift document signed by two or more testators. It would be administered on the death of one party as it does not require the death of both parties. It should be noted that if the will is revoked as to one party, it is still in force as to the non-revoking party.
Mutual Will
A single or multiple documents by multiple parties who have agreed to dispose of their property in a manner agreed upon by all parties. Similar to joint wills, the parties agree to leave their assets to each other, but they can also agree to leave property to third parties. Mutual wills are intended to be irrevocable says LA Probate Law. Joint and mutual wills may not be advisable since these may in some cases disqualify the property for a marital deduction. A type of mutual will in which each spouse names the other as the beneficiary of his or her property. In this case a couple will draft separate wills containing the same information, resulting in their property being left to each other. In some states, there are accepted rules under the law of contracts where a party may contractually agree to do or not to do something in his will, inconsideration for anther’s promise or other consideration. Because of variance in recognition and procedure, you should check your local statutes relating to mutual wills and their contents and the requirements of independent contracts to make a will.
Property Trust Will
If the focus of your Estate lies solely on your property, it may be worth your while considering the prospect of preparing a Property Trust Will. With care home fees continuing to soar, this type of Will is becoming more common, as many elderly individuals are forced to consider selling their home to pay for nursing costs. Alternatively, if you have remarried and it does not necessarily follow that your children will receive the benefits of your Estate, this type of Will gives you greater control about what should happen with the proceeds from the sale of your home.
Mirror Wills
If you would prefer to include your spouse or partner in your Estate planning, passing your assets to them in the event of your death and vice versa, then this can be reflected in the production of Mirror Wills. These generally indicate that if either of you dies, the entire Estate will be passed to the other, with subsequent beneficiary instructions coming into play on the event of their death.
Clauses within a Will
There are five main parts to a will, each containing specific clauses describing the administrator of the estate, legal powers, witnesses, distribution of assets and other important information. LA Probate Law gives a brief summary of each section along with a description of the clauses within each section. There’s a lot of flexibility as to what you put in a will. However, much of the language used in all wills is standard. There are certain elements that need to be included for it to be valid and legal.
LA Probate Law Understanding the Different Types of Wills
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