LA Probate Law: All About Wills
There are many ways you can create a will, including paying an online service to create the document or hiring a competent legal professional to draft one. However, you have to remember that in order for your will to be valid, it must meet certain rules as outlined earlier in this tutorial. If you have a small estate, you may be able to do this on your own, but because estate planning can be complicated, especially with second marriages, young children or non-traditional unions, it is worth considering paying a visit to an estate planning attorney or other estate planning professional says LA Probate Law. The last thing you want is to make a mistake and disinherit a loved one. The investment you make in an attorney may be worthwhile for you and your loved ones.
Simple Will & Joint Will
A simple will is usually used for small estates and is often used to avoid the complications involved with trusts and large estates, as well as minimize taxes that may apply. A simple will is usually executed using a single document. A single document executed by two parties. 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. Joint wills can be revocable during the testator’s lifetime.
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. Reciprocal wills are commonly referred to as “mirror wills”. Reciprocal wills are often discouraged for couples with large estates, as they can result in an increase in estate tax, or cause the individual to be subject to estate tax when they otherwise would not have been.
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: All About Wills