You last will and testament is a legal document that sets out the directions of the drafter on how your properties will be distributed after death. A last will may come in oral statement or handwritten form, whereas a living will refer to a legal document describing the preferences of the drafter when deciding on medical treatment in the event he is unable to tell or communicate his wishes due to sickness or injury. A simple will refers to a formal written documents following the state’s legal requirements of the state in which the will is drafted, including signatures and witnesses.
A simple will includes an introduction and declaration wherein the drafter is identified and the intention to make the last will and testament, including a bequest clause that states how the property must be distributed, and a residuary clause disposing of any leftover assets. A complex will pertain to the complex estate including all provisions found in a simple will, and it may include establishing of the directions or trusts for the state to operate a business or collect debts owed to the testator. A complex and more detailed last will and testament is needed where a divorce or prenuptial agreement impact the will’s terms, or where the real estate is large to warrant property distribution and estate taxes. You have to consider your debts, assets, beneficiaries, executors, and guardians, and special circumstances when creating your last will and testament. Creating a list of all your debts is important to determine if you have enough cash to cover your student loans, equity loans, car loans, credit cards, mortgages, medical bills, and personal debts. It is also important to list all of your assets such as bank and investment accounts, real estate, retirement accounts, and valuable personal property such as musical instrument, artwork, antiques, and firearm collections. For your beneficiaries, it includes not only your immediate family but you can also include relatives, friends, and organizations or institutions that you like to support.
You can designate an executor of your last wills such as a family member who has knowledge about fiscal matters, a trusted business person or banker. It is also important to indicate the name of the guardian of your minor children, and also adding an alternative guardian or executor if your first choice is unable to serve on the time of your death. For the special circumstances, they may include naming the new CEO of your company to replace your position, who will take care of your child with special needs, exclusion of a child or grandchild from a will, and any arrangement for the care of your pets or livestock.Incredible Lessons I’ve Learned About Attorneys