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| Credit Answers > Debt Resources > Estate Planning > Creating A Will |
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In the aftermath of the September 11, 2001, terrorist attacks in the U.S., lawyers and financial planners witnessed a surge of interest in writing a will. Writing
a will is a practical first step in estate planning and ensures that you protect your assets to the fullest extent possible.
A will establishes how you wish your estate to be distributed after you die. Writing a will is as simple as typing out how you want your assets to be transferred to loved ones and
any charitable organizations after you die. If you don't have a will when you die, your estate will be handled in probate. There is always the risk that the probate process will
distribute your wealth differently than what you desire.
You can write a living will if you want the flexibility to modify your will as you see fit. When writing a will, you should keep a few rules in mind:
Age.
For most states, you must be age 18 or older to execute a will.
Mental capacity.
To be valid, a will must be executed in sound judgment and mental capacity.
Format.
With the exception of a few states that accept a handwritten will as valid, a will must be typewritten or computer-generated.
Substantiality.
A will must have at least one substantive provision and clearly state that it is your will.
Designating an executor.
You must designate an executor of your will. An executor ensures that your estate is distributed in a fashion that follows your will as closely as possible. (A part of the
estate-disposition process is that your estate must pay legitimate debts owed creditors at the time of your death.)
Witnesses.
While your will does not require notarization or recordation, executing a will requires you to sign it in the presence of at least two witnesses.
(Source: Nolo.com)
Executing a will may require you to pay a fee of $100 to $200 or so. While it is not necessary to notarize or record a will, doing so may provide additional safeguards to
any claims that your will is invalid.
You may also wish to seek legal advice on writing a will in order to understand all the rules of the estate-disposition process in your state. For example, if you reside in one
of the handful of states that have community-property law, your surviving spouse is entitled to keep half of your wealth after you die no matter what percentage you leave him
or her.
The above information is educational and should not be interpreted as legal advice. For advice that is specific to your circumstances, you should consult a legal adviser.
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