Facts of Wills

Here are some quick facts about wills that you may not know and can help you create one that’s sound and legally binding.

1. Sound Mind, freely and willingly – When composing a will, you have to prove that you are of sound mind and that you’ve created this document freely and willingly. The way the court does this is by having witnesses sign the will that are not designated beneficiaries. By that fact, the court assumes that no one has ‘put you up to it’ to inherit the bulk of your estate.
2. Living will vs. Last will – Most people understand that the last will is the document to be executed after death. But there is also something known as a living will which states how you’d like to be cared for in the event of your incapacitation. For example, if you’re in a coma, do you want to be on life support for the duration of your life or would you prefer to pass on naturally? A living will can express your wishes in this event.
3. Destruction of past will is a ‘must’ – If you update a will or compose a new one entirely you must destroy all of the previous ones. If not, the newest document will trump the earlier versions. If more than one will exists this can become an tough legal process for beneficiaries.
4. Jointly held property – You property cannot just be liquidated or bequeathed to someone else if you share it. So, if you and a spouse share a home, you cannot leave the home to someone else if your spouse still lives there.
5. Pets as property – Legally speaking, the law treats pets as property and you can make certain provisions to ensure their care. You can choose a new owner for your pet and provide a certain amount of money for their care, but you cannot leave property to property meaning that Fido is not entitled to the bulk of your estate or your money.

 
The process of creating a last will and testament is not a difficult one. But it becomes all the more necessary the more property and assets you accumulate. To make sure that your loved ones are taken care of it’s in your best interest to create a will properly and in accordance to state regulations. Contact us to learn more about our estate planning services today.