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Family Matters Newsletter
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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. |
You’re invited to call or
e-mail. "If you have questions about estate planning, asset protection, assisted reproduction or surrogacy, please send your e-mail today to nicole @ kinseylawgroup.com or call (301) 968-1630." — Nicole
Phone: (301) 968-1630 * Phone: (202) 643-1837 * Fax: (888) 559-8856
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