Your last will doesn’t control the distribution of your life insurance, retirement plans, and trusts. Basically, your last won’t control the Read more...

The witness or notary must be at least the age of 18 but cannot be: family (by blood, adoption, or marriage) listed in your last will and testament as a Read more...

What Are the Income Tax Consequences of a Living Trust? Irrevocable Trusts: When the grantor or the grantor’s spouse is the trustee or co-trustee of Read more...

You may wish to create a minor children’s trust to provide for the possibility that your spouse will not survive your death, or to provide for the Read more...

The primary purpose for having a last will and testament is to specify the person(s), called “a beneficiary” (or “beneficiaries”), Read more...

Your agent in your living will, or healthcare power of attorney, has the power to make life-support decisions for you when you become unable to make Read more...

While the executor is often an individual (a family member or trusted friend), an executor can also be a bank that has a trust department. Many banks will Read more...

Naming a guardian in your last will and testament helps ensure that your preferred choice is appointed for your children. Read more...

A “no-contest” clause effectively states that anyone who unsuccessfully contests the will receives nothing. Read more...

Generally, intestate distribution follows family lines (first to the spouse, then to the children, and so on). Read more...

When you create a last will, you'll be able to designate: The persons or organizations that will receive your property after your death The Read more...

The witnesses must be mentally competent when they sign the will. In most states, they must meet a minimum age requirement of at least 18 years old. Some Read more...

If you wish to make a lot of changes, or a few major ones, it’s probably best to prepare a new will. You’ll want to include a formal statement Read more...

What Is a Letter of Testamentary? A Letter of Testamentary, sometimes called a “letter of administration” or “letter of representation, Read more...

If your loved ones dies intestate (without a last will and testament), his or her property and assets may not be divided according to his or her wishes Read more...

Though you don’t need a lawyer to make a living will, a legal expert can help ensure the provisions in your living will properly spell out exactly Read more...

A minor children’s trust is included as part of your last will. Or if you use a living trust arrangement instead of a will, it can be included as Read more...

A comprehensive estate plan controls your assets and health decisions. It contains much more than just your last will and testament.   It should Read more...

An "executor" is someone who’ll carry out your final wishes after your death but in some states, this person is known as a "personal Read more...

A common strategy to declare a will invalid is to argue that the decedent was not of sound mind and was unable to understand what he or she was doing when Read more...

What Is a Vesting Deed? A vesting deed is generally a part of ahttps://www.rocketlawyer.com/form/warranty-deed.rl. The "vesting term" refers to Read more...

A last will and testament allows you to achieve many objectives. You can state how your property should be divided, provide for your loved ones and Read more...

Though living wills can be very specific or very general, living Wills that are too general may not provide sufficient direction and serve only to create Read more...

Any person over age 18 may (and should) create a living will. Here are some common reasons why people create a living will: Declining health To designate Read more...

A living will states your wishes regarding life support in the event that you cannot communicate your end-of-life wishes yourself, spares your family the Read more...

If you’re ready to get started with your will, a last will and testament may be enough to meet your needs. If you’re remarried, or want to Read more...

A residuary bequest is a gift (bequest) of all or a portion of the remaining assets after making distributions of specific bequests. For example, Read more...

A specific bequest is a gift (bequest) or a specific item (or asset) to a named person or entity. Specific bequests are usually made at the beginning of a Read more...

If you live in two states, it’s recommended that you obtain specific information about both states by consulting with an estate planning attorney. Read more...

New documents will generally supersede old ones. In other words, executing a new living will has the power to revoke a prior living will. Read more...

You must sign your living will in the presence of a witness or notary who must also sign the document. Read more...

Anyone of legal age, sound mind, and Mental competence can make a last will and testament. Read more...

If you have any concerns of receiving the religious and spiritual support that you need and desire at the end of your life, you should include these Read more...

Some states have adopted these laws to prevent any conflict of interest from those who may be in line for gifts, or who may benefit from your death. While Read more...

Your signature to your last will must be witnessed by two other people, who must also sign the will. Read more...

Co-guardians are permitted in most cases. Read more...

Although the probate court is not strictly obligated to do so, it will generally appoint your choice of executor.   When appointing the executor, the Read more...

A disappointed relative, who feels that he or she did not get a “fair share” of the estate, may try to have the last will and testament Read more...

It’s important that the person that you designate as your agent is someone you know and trust. You should not designate a person who is, or may Read more...

It’s important that you complete a beneficiary designation form to address how these assets will be distributed on a case-by-case basis. These Read more...

Assets that are not typically affected by last wills include: Life insurance Annuities Retirement plans Individual Retirement Accounts (IRAs) Joint Read more...

Yes. Some of your assets may not be covered by the provisions of your last will.   Read more...

What Is Financial Abuse of an Elderly Person? Financial abuse of an elder is the illegal or improper use of a senior’s money, property, or assets. Read more...

A living will is a document which states your wishes regarding life-sustaining treatment in the event that you have a terminal illness and are expected to Read more...

It depends. States recognize out-of-state living wills as long as the living will complies with the laws of the state where it was signed or the Read more...

Be sure to update your will to be certain that it’s compliant with the last will and testament laws of your new state of residence. You can always Read more...

No. States don’t dictate who can benefit from your legal will or how your assets must be divided among heirs. However, your will must be compliant Read more...

Yes. Laws governing last will and testament documents vary from state to state. It’s important that your last will and testament is specifically Read more...

A last will and testament dictates the way that that your assets will be distributed and utilized following your death. Most other posthumous decisions Read more...

There are some factors that may require you to review or update your last will: Moving to another state Change in marital status Birth of a child Adoption Read more...

Your last will and testament is not valid until the signing and witnessing requirements have been met. In most states, your signature and the signatures Read more...

A guardian named in a will is not paid for their services.   Read more...

If you decide to change the provisions in your last will and testament, be sure to notify your family and attorney. Although they may not need to know the Read more...

You have two options: either create a “codicil” to your will or create a new last will and testament.   Read more...

Here are some ways to make your executor’s job easier: Organize your records Print out this executor checklist to provide an overview of the process Read more...

Most jurisdictions require that the executor post a bond to protect the assets of the estate. To avoid the expense of the bond, you can request in your Read more...

You can choose two or more executors who will serve together as co-executors, so they can help each other with the finances and paperwork. It may be a Read more...

Those who pass away without making a valid will are referred to as being intestate. In such situations, state law controls who will receive your property. Read more...

The beneficiaries are often family members and friends. However, they can also be charitable organizations, trusts, or whomever the individual wishes to Read more...

The statutes of most states require that your agent be an adult. Also, under most circumstances, your agent cannot be your health care provider (e.g., a Read more...

Handling a will can be tough, if you’ve been given the responsibility we’ve compiled a checklist to help make things a bit easier.   Read more...

If you fail to write a will before your death, the distribution of your estate will be decided by state law or by the courts. Read more...

Your living will is only effective when you’re no longer able to make and communicate your own wishes.   For example, if you suffer a stroke or Read more...

In general, individuals use living wills to indicate whether they want certain medical treatment withheld or withdrawn in order to allow a more natural Read more...

While there's no clear way to predict how the state will divide property, bank accounts, and other assets, there are a few common outcomes: The estate Read more...

Marital status, state of residency, existence of children, debts, and other factors are involved in determining how your loved one's estate will be Read more...

Gifts, or bequests, made at the time of death come in two types: specific bequests or residuary bequests (whether through a last will and testament or a Read more...

If you move to a new state, it’s recommended that you complete a new living will for the new state. Even if your prior document might be valid in Read more...

Some laws that may differ state to state are: Who can make a last will Witness requirements Who may be a witness Procedures for executing a will Read more...

After your living will is signed and witnessed or notarized, provide one copy each to your primary agent, your secondary agent, your doctor, and your Read more...

Being mentally competent means that you’re aware that you are executing a last will and are familiar with your property as well as your family and Read more...

Legal age varies by state: In 48 states, a will-maker must be at least 18 years of age. In Louisiana, you can make a will at the age of 16. In Georgia, Read more...

Here are some factors to consider when naming my spouse as my beneficiary: The possibility that your spouse’s needs will increase in the future The Read more...

It’s important to keep in mind that a last will is a part of an estate plan, not an entire estate plan. In additions to a will, a more complete Read more...

Keeping your will up to date ensures that your wishes will be carried out in the event of your death. It can also allow your beneficiaries to avoid Read more...

Remember that new documents will generally supersede old ones. In other words, executing a new living will has the effect of revoking a prior living will. Read more...

Your last will and testament that you created 10 years ago may not be sufficient today. Aside from new life events, many laws may change within a decade Read more...

You may need to get a doctor's note to prove that you were of sound mind when you wrote and signed your will. This will help reduce the chances of Read more...

Family members or trusted friends are good options. You should choose a guardian who has good parenting skills and values similar to your own. Read more...

Technically, your guardian choice is just a recommendation to the court. However, state laws give high priority to your recommendation. The court will Read more...

No, a guardian isn’t legally obligated to serve so an alternate choice is recommended in case your first choice refuses or is unable to serve. Also, Read more...

The guardian is not responsible to meet the child's financial needs with his or her own money. Instead, a trustee often handles those arrangements Read more...

A guardian is legally responsible for the children’s basic needs, physical care, health, education, and welfare until they reach 18 years of age. Read more...

Yes. In some states, a divorce has the effect of revoking those provisions in your last will that relate to your former spouse. Read more...

The codicil must be signed with the same signing formalities as the original will. Be sure to keep your original will. Your "will" is now your Read more...

A codicil can be used to make minor revisions without changing the entire last will. It’s simply a document that starts with a reference to your Read more...

Of course, there are many variables to consider but your will executor should typically be organized since they’ll be handling a lot of sensitive Read more...

Yes. Many states will only appoint individuals who are residents of the same state. If you want to select a non-resident executor, contact your county Read more...

The primary duties of an executor are to collect assets, pay debts and expenses, and distribute remaining assets to the beneficiaries. Read more...

No. Insurance companies cannot adjust their rates based upon the presence or absence of a living will. It’s illegal for anyone to require a living Read more...

The physician must tell the patient about any conflicts with the living will as soon as the patient provides a copy of the living will to the physician. Read more...

In most cases, proper patient care, ethical obligations, and/or the physician’s personal or religious beliefs override the living will. Read more...

No, physicians aren’t required to follow the directives of a living will.   Read more...

Yes. Some states allow last wills to include a “no-contest” clause. Read more...

If a will is declared invalid, the assets in question fall into intestate (without a last will and testament). If this happens, state law determines how Read more...

Good healthcare agents are able to separate their own feelings from yours and your wishes but naturally, they may feel guilt and anguish at having to make Read more...

Many individuals give their healthcare agents broad authority to override their written living will while other individuals give the written living will Read more...

Some states refer to the agent as an "attorney-in-fact," "health care agent," "health care proxy," "health care Read more...

What Is a Will Executor? An executor is the person you designate to carry out your wishes after your death, as per the provisions in your last will and Read more...