What Is A Will?

A Will is a legal document containing your written instructions for how your property/assets will be distributed and how your dependents will be cared for in your absence. Your assets may consist of bank accounts, brokerage funds, vehicles, real estate, items of sentimental value, and other personal property.

In a Will-based estate plan, your Last Will and Testament will cover four important points:

1. Who will serve as your Personal Representative/Executor;
2. What powers your Personal Representative/Executor will have;
3. Who will be your beneficiaries (those who will inherit your property); and
4. How your property will be transferred to your beneficiaries.

If you have minor children, your Last Will and Testament will also cover who serves as guardian for your children.

There are several types of Wills, including the following:

Self-Proving/Testamentary Will

A self-proving Will, also known as a testamentary Will, is the traditional type of Will with which most people are familiar. It is a formally prepared document that is signed in the presence of witnesses.

Holographic Will

A holographic Will is one that is written by hand, not typed or created on a computer or word processor and without the presence of witnesses. These Wills are only valid in a few states. Maryland and the District of Columbia do not recognize holographic Wills.

Oral Will

Oral wills are spoken testaments given before witnesses. These are not widely recognized by courts due to the strong possibility of fraud, misunderstandings, or mistakes.

What Are the Legal Requirements for a Will?

A Will is valid if:

* the Will maker is eighteen years old;

* the Will is in writing;

* the Will is signed by the Will-maker;

* the Will is witnessed and signed by at least two people in the presence of the Will maker.

How Can I Change or Revoke My Will?

You can always revoke or change your Will before you die. You can change your Will by executing a new Will or by an addition called a “Codicil.” Written changes, such as additions, deletions, comments or marks, on the Will itself may invalidate the Will. Therefore, once signed, a Will should not be altered in any way without the assistance of an estate planning attorney.

If you want to protect your assets and family with an estate plan but don't know where to begin, then request a FREE copy of our Estate Planning E-Book and Newsletter and discover:

• How to create an estate plan to protect you and your family
• If you should be concerned about estate taxes
• The 4 basic requirements for a valid will
• 7 important questions you should consider when making a will
• How to protect yourself and family if you become incapacitated or disabled
• The advantages and disadvantages of a trust
• Other estate planning tools everyone should know about

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