Here's what we found for wills

6 articles found

  • DIY Will Basics

    DIY Will Basics Almost half of Americans don’t have a last will and testament. No one likes to think about end-of-life plans, but if you pass away without a will, it means added stress for your loved ones and potential problems with the lengthy and complicated probate process. You may not think you have enough of an estate to bother creating a will, or you might assume that your assets will automatically go to your spouse or children. Without proper estate planning, however, your loved ones may have to wait an excruciatingly long time before the court releases your assets.  The truth is that everyone should have a will, regardless of age or income. Fortunately, the process of creating a Last Will and Testament has never been easier. A do-it-yourself will is inexpensive, uncomplicated, and can usually be handled without an estate planning attorney.  Why You Need a Will A will is a legal document, one of a handful of estate planning documents that helps determine what happens to your estate after you pass. This can be anything from personal property to less tangible assets. It’s a way to ensure your final wishes are carried out. Your estate must still go through the probate process, but a legally valid will is one of the most important documents you can have because it helps the procedure go more smoothly. On a personal level, it also makes sure your loved ones, whether they be family members, dependents, or minor children, don’t have to deal with additional stress or time-consuming complications. Certain types of wills, specifically a living will, are also critical to have on hand because they specify what health care actions you wish to happen in the event you’re no longer able to make those decisions for yourself. You Can Do It Yourself You do not need an attorney to create a legally-binding Last Will and Testament. Begin planning your estate with a DIY kit or through a document services website that offers an online will template. Either option allows you to customize each section of your will to suit your own needs and any life changes that may occur. With either option, you can customize each section of your will to suit your own needs and situation.  Creating a Will Online One way to create a simple and legally-binding Last Will and Testament is by using an online document preparation service. The instructions should be easy to follow, and a good site generally provides answers to basic questions. You will mostly be filling in the blanks on the document and selecting the options that fit your needs in order to create your own will.  Creating your Last Will and Testament online allows you to work through the process from the comfort of your own home, on your own time. It offers many people a safe place to work on their will and focus on the most important things. Without the need for a personal representative, legal or otherwise, many people also report feeling more in control when planning online. When creating your Last Will and Testament, you will need to decide the following: Your executor Your beneficiaries Your chosen guardian (if you have dependents or minor children) The executor is responsible for carrying out the instructions you left in your will. They must also work closely with the probate court throughout the process. As this person will have access to sensitive financial information, which may need to include information on bank accounts or retirement accounts, the executor should be someone trustworthy and responsible who will be able to follow your directives.  Your beneficiaries are the named recipients of your estate. You can choose any person or organization to be one of your beneficiaries. You must also decide what portion of your estate each beneficiary should receive. Your chosen executor will be in charge of distributing your assets as stated in the will. Select a legal guardian for your minor children. Your chosen guardian does not necessarily have control over your child’s inheritance — this is part of the instructions that you can specify in your will. However, the legal guardian must be able to care for your children until they reach adulthood. Signatures and Witnesses Your Last Will & Testament is not considered legally binding without your signature and that of at least two witnesses. The reason witnesses are necessary is so at least two adults of sound mind can attest that you are fully aware of your actions and the document you are signing. You can also include a Self-Proving Affidavit to attest to the validity of all signatures in the will. This document will save time and stress during the probate process.  Most states require that your two witnesses not be beneficiaries of your will. The legal term is “disinterested,” which means they do not benefit in any way from your will. One example of a disinterested witness is an attorney.  A Few Considerations If you decide to use an online service to make your will, there are a few things to remember: The document preparation business is not a law firm nor can it act as an estate planning attorney. A website can provide basic information, or even a template, but it cannot offer any legal advice, including on estate taxes. While an attorney is not necessary to make a will valid and legally binding, you can print your existing will and take it to an attorney for review before signing.  The DIY option is ideal for most situations, but if you own multiple pieces of real estate or have a large estate, you may want to have an estate planning attorney help you with the details of your will to ensure you don’t miss anything (i.e., tax responsibilities).  It is your responsibility to make sure that your Last Will and Testament is legally valid. Regardless of where you live in the US, there are some regulations that your will must still adhere to. Some are set down by state laws, so it’s always best to understand your state’s specific requirements.

  • Last Will and Testament Basic Information

    Last Will & Testament Basic Information When you feel it’s time to start planning your estate, you should start by creating a Last Will & Testament. This legally-binding document is vital to ensure your final wishes concerning your estate and funeral arrangements are honored.  What you need to do when creating a will: Learn the basic parts of a will Understand the process Select an executor Choose a legal guardian for children Assign property and assets to beneficiaries  Anatomy of a Will A legally-binding Last Will and Testament includes the following: Declaration Executor Guardian(s) Beneficiaries Bequests Funeral Arrangements Declaration The declaration section states your reason for creating a will. This section also includes basic identifying details and a statement providing legal proof that this will was made in sound mind.  Bequests The bequests section is where you discuss the estate and which items or assets are granted to each beneficiary.  Executor An executor is the person responsible for carrying out the instructions of the will — distributing assets, taking care of any debts against the estate, and working with the probate court throughout the process.  Because the executor is responsible for handling sensitive personal and financial information, the appointed person should be someone you trust completely.  Make choosing your executor one of your first actions when you create a will. If you do not specify an executor, the Probate Court will make that decision for you after you pass.  Guardians We all hope that our children will be legal adults when it’s our time to pass, but wills are all about planning for the unexpected. Be prepared by making sure that your children will be taken care of. Choosing a legal guardian is not a light decision, especially since this person will also be in charge of whatever part of your estate that you leave to your children.  Beneficiaries and Assets The distribution of your estate is the main thing most people think about regarding a Last Will and Testament. You can name any person or organization as a beneficiary in your will.  You can divide and bequeath your estate in any way you choose. You can give specific items to beneficiaries, or leave a percentage of assets to different loved ones. If you choose to divide real property among multiple beneficiaries, you may also need to provide the executor with instructions on how to carry out those wishes.  Catch-All Clause Consider including a residuary clause in your will to catch any assets and items not explicitly distributed to your beneficiaries. This simple clause acts like a net to ensure that nothing is overlooked and may help deter possible arguments and legal red tape.  The Legal Requirements Although your Last Will and Testament is customized for your wishes, you must still adhere to a few legal requirements: You must be a legal adult (at least 18 years old) and of sound mind  You must sign the will in front of at least two witnesses Your will may not be considered legal if there is any proof that you signed the document under duress or by undue influence. “Undue influence” is being manipulated or pushed into making a decision without considering the consequences or without the freedom to refuse the demands of the other party. The document may also be considered invalid if there is any evidence that you were not of sound mind at the time you signed the will.  You may want to include a Self-Proving Affidavit with your will. This is a legally binding and notarized document that verifies all signatures in the will for the Probate Court.  The Process After your death, your executor or attorney files your will with a Probate Court. The court then officially appoints your executor, who can begin handling their responsibilities regarding the estate. If the will does not include a self-proving affidavit, the witnesses must verify their signatures before the court.  Estate Planning Q&A Do I need a will?  Yes. Everyone should have a will. Even if you don’t think you have many assets to disperse, a will can also include your funeral instructions and the appointment of a legal guardian for your children. If you do not create a will before you pass, a Probate Court will take control of your estate and make its own decisions.  Do I need an attorney to prepare my will? An attorney is not legally required to create a Last Will and Testament. If all you want to do is bequeath a few assets to specific people and ensure your children are taken care of, you probably won’t need a lawyer.  However, hiring an attorney might be a good idea for more complex cases. If you have a large estate that includes real property and assets, you may want to seek legal counsel to ensure that your wishes are clearly explained. An attorney can also help navigate the minefield of inheritance tax laws. The US  government does not tax an inheritance until it reaches a significant amount, which periodically changes, but is always in the millions. What is an estate plan? An estate plan includes several critical legal documents — Last Will and Testament, Living Will, Power of Attorney, Advance Directive, and Living Trust. An estate plan protects your interests and ensures that your instructions are followed both before and after death. 

  • Legal Requirements for a Will

    Legal Requirements for a Will When you create a Last Will and Testament, be aware that there are specific legal requirements you must include in your document for it to be legally valid. These requirements vary from state to state, but regardless of where you live in the US, include: Minimum Age Mental Capacity of the Testator (creator of the will) Intent of the Testator Signatures Witnesses  Minimum Age Requirement In most states, the minimum age for a person to create a legally binding Last Will and Testament is 18 years old. However, there are a few exceptions. In Louisiana, the minimum age is 16 years, while in Georgia, it’s only 14.  Some states may make exemptions for emancipated minors, but others, including Arkansas and California, still require the testator to be at least 18 years old. The probate court may make exceptions for minors under special circumstances, such as if the will concerns a sizable estate.  Intent of the Testator For your Last Will and Testament to be valid, the probate court requires you to state your intent through specific words and phrases. The phrase “This is the last will and testament of [your name]” must be clearly stated at the beginning of the document to legally indicate that it is a will. Without this declaration, your will may not be accepted by the court. Capacity of the Testator Another mandatory legal requirement for any Last Will and Testament, regardless of your home state, is that you have a sound mental state at the time your will is created and signed. Like the intention requirement, this rule is set in place by law to protect you against manipulation or fraud.  The common term is “sound mind.” This simply means that you were fully aware of your actions at the time that you signed your will and were not coerced in any way by another party. If you have been diagnosed with a health issue that casts doubt on your mental capacity, you can include a signed statement from a doctor attesting to your sound mental state when you signed your will.  Required Signatures  In addition to stating your intention and soundness of mind, your will is not considered legally binding until you sign the document. You must also have two witnesses verify your signature and sign the will.  Types of Witnesses The Probate Court requires that two witnesses sign your Last Will and Testament. Both parties must be legal adults over 18 years old. The witnesses must also be willing to verify the testator’s signature and their own signatures before the court, if necessary.   Adding a Self-Proving Affidavit to your will validates all signatures and may help your loved ones avoid unnecessary issues with the will.  Most states require you to use “disinterested” witnesses — i.e., parties who do not benefit from your will. Massachusetts and California allow an “interested” witness to sign a will, but only with two additional disinterested witness signatures. To avoid issues during the probate process, secure witnesses who are not beneficiaries in your will.  Invalid Wills If your will does not meet the legal requirements set forth by the probate court for any reason, it will be considered invalid and set aside. The court may then use a previously signed will to settle your estate. If another will cannot be found or does not exist, your estate will be transferred to your closest relatives.  To avoid complications with your estate and to ensure that all of your final instructions are followed precisely, make sure that your Last Will and Testament adheres to all legal requirements.  Other Types of Wills Most wills are printed and signed, but some states allow other options: A holographic will, sadly, does not involve holograms. It is a will written by hand and signed by the testator. This type of will does not require witnesses, but two or more parties may be called in to verify the handwriting of the testator. An oral will is not generally accepted in most states, except under very limited circumstances. An oral will is similar to a deathbed confession, and the presence of an imminent threat of danger is required. Video wills, despite being commonly depicted in movies and TV, are usually not considered legally valid. If you want to leave a video message to your loved ones after you depart, make sure you first create a legally-binding document, signed and verified by witnesses, before you hit record. 

  • Living Wills and Health Proxies – Steps to Take During a Pandemic

    Living Wills and Health Proxies – Steps to Take During a Pandemic  Advance healthcare directives are excellent tools to ensure medical professionals follow your wishes and beliefs on healthcare. They allow you to prepare for situations in which you are no longer able to make your own healthcare decisions. Living wills and health proxies are two key advance healthcare directives that prepare you for such unexpected end-of-life situations.  A living will is a legal document that allows you to state your preferences for medical treatments, including treatment plans, pain management, or even life support. Physicians are obligated to follow it.  However, it's impossible to anticipate every situation in advance. That's why a living will alone won't complete your preparation. A living will comes into effect only when certain conditions are met, situations that might require someone else to make those critical decisions for you.  A health proxy allows you to name someone you trust, along with alternates, to make these choices on your behalf. You can give your agent instructions to follow and decide how much authority they have in making healthcare decisions. Hospitals and doctors must respect your agent's recommendations as if they were your own. It's a common misconception that only the elderly or ailing should have advance healthcare directives. Everyone should have these safeguards in place, especially in light of the COVID-19 pandemic.  What Are the Critical Steps to Protect Yourself and Your Family? 1. Keep Others in Mind Bringing up end-of-life conversations with your family is undoubtedly uncomfortable, but it doesn't mean that you should avoid it. Failure to address this concern might lead to more significant issues in the future that could seriously strain relationships.  An advance healthcare directive removes the weight of crucial decisions from you and your family. With the pandemic already raising everyone's healthcare concerns, now is an excellent time to ensure your family is prepared in the event something unfortunate happens. 2. Fill Out All Necessary Forms  Living wills and healthcare proxies are not the only advance directives you can have. There are a few other forms that deal with specific scenarios, such as: HIPAA release form Appoints a person as your agent, who then has access to your private health information.  DNR (Do Not Resuscitate) Order During a heart failure, medical staff will make every effort to restore your heart to its normal rhythm. A DNR order instructs the medical staff that you don't want them to attempt to restart your heart using life-support measures. In effect, it means that you prefer natural death. DNI (Do Not Intubate) Order Informs the medical staff that you do not want to be on intubation equipment.  Organ and Tissue Donation Authorizes the donation of the heart, lungs, pancreas, kidneys, corneas, liver, and skin upon death.  Brain Donation As we haven't yet invented successful brain transplants, a donated brain is mostly used for academic purposes and scientific research, so brain donation requires a separate form aside from the standard organ donation form. POLST (Physician Orders for Life-Sustaining Treatment) and MOLST (Medical Orders for Life-Sustaining Treatment) Forms  A medical professional authorizes this document, which indicates your medical care preferences and other advance directives. 3. Update Legal Documents Modification of healthcare directives is an easy process, but most people rarely review them after setting them up. Ensuring that these documents are updated is as critical as drafting them. The current pandemic scenario is unique, and as a result, most of these documents might not account for the ongoing COVID-19 situation. Normally, when you're in the hospital with a critical case, your agent will most likely be present. However, that is not necessarily true amid COVID-19 quarantine protocols. It may be necessary to update HIPAA releases or health proxy documents so your agent is authorized to give directions over the phone or Zoom.  As coronavirus can cause severe acute respiratory syndrome (SARS), intubation is essential to preserving your life. But because DNR orders prohibit the use of life-support measures, hospitals could deny you a ventilator. Therefore, it is critical to revise your DNR to include a special clause for a COVID-19 infection. You should do the same for living wills that mention the prohibition of intubation. Normally, well-drafted legal documents stand the test of time and rarely require modification. But given the current circumstances, estate planning documents, power of attorney, and other legal documents might also require revisions. 4. Convey Your Wishes to Your Loved Ones Your healthcare agent can make recommendations only after your doctor decides you can't make them on your own. That's why it's imperative that you communicate your beliefs and wishes to your agent, such as:  Preferences about the use or nonuse of artificial nutrition and hydration Decisions regarding life support in the event of permanent coma  Decisions on treatment plans in the event of a terminal illness Even though your agent is not accountable for any choices made on your behalf, it's still a massive responsibility, especially for life support decisions. Get their consent before appointing someone as your agent. You can also issue a signed copy of your healthcare preferences as instructions for your agent to follow.  Share these documents with your agent and medical providers. It's common for someone to set up directives but fail to notify their family or medical provider, which mostly results in their wishes being unfulfilled.  Planning Healthcare Directives Remotely 360 Legal Forms delivers you customized legal documents online. All you have to do is choose your form and answer a few simple questions. You can then instantly download, print, and sign the form.  Our forms service all of your personal, business, and real estate needs and are customizable for any of the 50 states. Our legal documents are crafted by experienced lawyers, and our 7-day free trial gives you unlimited access and downloads.

  • Steps to Take for Estate Planning

    Six Steps to Take for Estate Planning Besides death and taxes, there are no guarantees in life. The uncertainty can lead to unexpected twists and turns, but you can make things smoother for you and your loved ones with comprehensive estate planning.  While daunting, estate planning can be made simpler with the right process. Taking the following steps now can help throughout every step of the journey. Step 1: Create an Inventory First and foremost, you have to know what exactly will be covered by your estate plan. This means creating a comprehensive list of your assets and debts, including tangible and intangible assets. Tangible assets in an estate include personal possessions such as: Homes, land, or other real estate Vehicles including cars, motorcycles, or boats Collectibles such as coins, art, antiques, or trading cards Intangible assets in an estate include: Bank accounts and certificates of deposit Stocks, bonds, and mutual funds Life insurance policies Retirement plans and individual retirement accounts Health savings accounts Business ownership and associated items such as patents, copyright, franchises, goodwill, trademarks, trade names, and software With your inventory created, estimate the value of your assets to ensure equal distribution among your loved ones. You should store this summary securely in an accessible location, along with any original copies of relevant documents. Provide a copy of this summary to the executor of your will.   Step 2: Decide Between Living Trust or a Will As you begin the process of estate planning, you’ll likely need to create either a will or a living trust. You might know the legal terms, but each of these methods has their pros and cons. Understanding each will help you make informed decisions. A will lets you assign your possessions and assets to your beneficiaries, but doesn’t circumvent probate court. This means most assets will still go through the state’s probate procedure before being distributed to your beneficiaries. This is essential for dictating an asset’s rightful owner, but it does make the process more time-consuming.  This is precisely why professional attorneys recommend a living trust. Unlike wills, a living trust appoints a trustee for asset management and gives them the right to disperse assets. Factors to consider while choosing between wills and trusts: Your Location  Laws regarding estate taxes vary greatly from state to state. One state might offer a specific advantage that another doesn’t. That’s why it’s essential to check your state laws to decide whether a will or living trust is right for you.  Assets Consider the value of your assets. Generally, states establish a threshold value for assets. Anything below this value can bypass probate court. However, that doesn't mean that lower-valued assets can't benefit from living trusts.  Be aware of assets that could be harmed by prolonged probate, such as your business. Under such circumstances, a living trust is always the right choice.  Taxes A living trust offers estate tax advantages on federal and state levels. However, this depends on various factors such as state, the value of the estate, federal estate tax, and more.  Likelihood of Your Estate Being Contested If you believe there could be a chance that your estate distribution will be contested, a living trust might be a better way to withstand the challenge. Your Current Financial Situation Despite various benefits, setting up a living trust might be more expensive compared to writing a will. You can make the choice based on your current financial situation.  Your Beneficiaries Because a living trust can hold your assets after your death, it offers a way to provide for young, special needs, or other beneficiaries who you would prefer didn't immediately receive their share of your estate. You may also provide for the care of pets in this way. Step 3: Make an Advanced Healthcare Directive An advanced healthcare directive (ADHCD) is a form you fill out to help your family understand how to take care of you in case you are badly hurt or have a serious illness that keeps you from conveying what you want. There are two main types of advance directives: A Living Will: Also known as a treatment directive, it tells your family and your doctor what treatment you want to receive in emergency conditions.  Medical Power of Attorney: A medical power of attorney is the designated person who is authorized to make end-of-life decisions if you are unable to speak for yourself.  Vital steps to follow in order to prepare an ADHCD include: Obtain the living will or medical power of attorney form for your state. Choose your health care agent. This can be anyone you trust, including your spouse, close friend, or children. Submit the form and get the documents countersigned by a witness. Announce your decisions to your family, doctor, and health care agent. An advanced health care directive only comes into effect when you can’t make your own decisions or convey them vocally.  Step 4: Prepare a Financial Power of Attorney Where a medical power of attorney appoints someone to make end-of-life decisions on your behalf, its financial counterpart gives someone you trust power over your financial, business, and property matters if you’re unable to do so.  The person who receives this power is usually called the agent or attorney-in-fact. They’re able to act on your behalf immediately when the situation calls for it. A financial power of attorney can help avoid familial disputes over finances, as the agent holds immediate power over financial decisions and transactions. Step 5: Designate Specific Beneficiaries There are very few properties that can skip probate and go directly to your family through your will. Assets such as payable-on-death savings and brokerage accounts will only pass to specific beneficiaries set down in a beneficiary form filled out with your bank or brokerage firm. The same is the case for a 401(c), IRA, and other life insurance policies. Designating these beneficiaries ahead of time will make the process go more smoothly. When creating your estate plan, present these beneficiary forms to your attorney to ensure the plan covers all assets. Make sure that your beneficiaries' names are correct and up to date. This will help keep them out of the probate process and avoid paying additional money. Step 6: Keep Things Organized A large part of what makes estate planning essential is its ability to make life easier for your family and executors. By storing estate information in an accessible, straightforward fashion, you end up saving your loved ones thousands of dollars in legal, accounting, and administration fees.  There’s a large variety of papers, digital files, and other documents that you should preserve and share with your loved ones. Starting as soon as possible will have a large positive impact down the road.  Examples of information you should preserve include:  Your will Your trust Information on who holds your power of attorney Bank accounts and credit cards (including card expiration dates, login IDs, and passwords) Mortgages, loans, and unpaid taxes Titles or deeds to any property Insurance policies (information covering life, health, car, and home insurance and others) Establish a Solid Estate Plan Free yourself from the stress of your family's future. Keep revisiting your estate plan and update it as needed. 360 Legal Forms provides access to estate planning documents and a library of 150+ legal forms. Try us out for 7 days free and start preparing the necessary forms for your estate plan.

  • The Married Will

    The Married Will Changing your marital status from single to married has a significant impact on your life in many ways, including how you draft your Last Will and Testament. If you have already written a will as a single individual, you should be aware of the changes that happen after saying "I do." While you still have some control over your estate and how you wish it to be distributed after your death, some state laws make provisions for the surviving spouse, regardless of what it says in the passing spouse's will. Many states require the spouse to be the beneficiary of certain financial accounts including 401k accounts, pensions, and some IRAs.  Even if you already plan for your spouse to be your primary beneficiary, you should still be aware of how the law sees your estate.  Community Property or Common Law The specific rights that your spouse may have regarding inheritance and your estate have a lot to do with where you live. Whether you live in a community property or common law state has the most significant effect. Community Property States A community property state views both spouses as equal owners of any assets and property gained during the marriage. Assets you acquired before marriage are considered solely yours, but if you open a financial account or purpose any property after getting married, state laws consider your spouse as an equal owner.  Community Property States include: Arizona California Idaho Louisiana Nevada New Mexico Texas Washington Wisconsin Common Law States The other 41 states in the US are common law states. Common law states do not automatically consider assets gained during marriage as being owned by both spouses. One spouse can purchase property solely in their name without including the other.  Most people probably do not consider community property laws outside of marriage or divorce, but these laws are also important to know when working out your estate plan. Divorce and Your Will In most states, a divorce legally severs any rights your former spouse had to your estate after your death. Even in community property states, legally dissolving the marriage also removes the spouse's inheritance rights.  If you get divorced, it's still a good idea to update your Last Will & Testament as soon as possible. Depending on the extent of changes you need to make, you may be able to simply add a codicil to change your beneficiary without rewriting the entire document.  Non-Citizen Spouses and Wills If your spouse is not a US citizen, they can still be your beneficiary and receive assets from your estate. Unfortunately, non-citizens are not exempt from paying the Federal Estate & Gift Tax — a tax applied to inherited assets worth more than $5.45 million. This tax is not applied to gifts between spouses who are both US citizens.  The Joint Will If you have not yet created a "married will," you and your spouse might consider a joint will as an alternative to two separate documents. There are a few pros and cons to this idea, but it ultimately comes down to your preference.  The biggest joint will con is that the document can quickly become complicated and lengthy. Additionally, the joint Last Will & Testament may not allow each person to properly explain their final instructions and other wishes.  The pro side of a joint will is that it simplifies an already lengthy process, especially if both spouses agree on how the estate should be divided.