A will is a legal document that contains your instructions as to how you want your property and assets to be distributed after your death. It names the people you want to benefit, as well as details of your possessions at the date of your death.
Every adult should have a will. Without one, you are considered "intestate," which means that the government gets to decide who inherits your property. Although you may not be concerned about the details of your parents' wills now, you need to know that a will exists, and where it is located. You should also know the name of the lawyer who drew it up and the person your parent named as the executor.
How a Will Works
Once a person dies, his or her assets become part of an "estate." An executor is named, and that person is responsible for making sure that the will is carried out as written and that the assets are distributed as directed. The executor can hire someone else, usually a lawyer, to do this job. Generally, a lawyer charges a fee for this service, which is based on the amount of the probated assets.
A valid will must have the following features:
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It must be in writing - handwritten, typed or printed.
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It must be signed with your parent's signature at the end of the document.
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It must be witnessed by at least two other people present at the time of signing. They need to acknowledge they were present and must sign the will as witnesses in your parent's presence. They don't have to be together at the same time of signing.
When creating a will, here are some items to include:
Create a Declaration
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State your full name and residential address, with a declaration that:
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You are of legal age to make will and are of sound mind and memory
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This is your last will and testament, revoking all previously made wills and codicils
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You are not under duress or undue influence to make this will
Name a Personal Representative or Executor
In an individual will, your parent can name a person or institution to act as personal representative, called an executor in some states, who will be responsible for making sure that the will is carried out as written. You can also name an alternate person, in case the first choice is unable or unwilling to act.