What is a Will?
A Will, also known as a Testament, is a legal document where a person or a testator names a person or multiple persons to manage their estate and who will receive their property after death.
What is a Will? A Will, also known as a Testament, is a legal document where a person or a testator names a person or multiple persons to manage their estate and who will receive their property after death. Requirements of a Will When a person goes to draw up a Will, they must meet several basic requirements that include, but are not limited to: Identifying themselves clearly in the Will as the maker and that the Will satisfies all of their needs upon signing. Declares that all previous Wills or amendments will be disregarded by the courts. Proving that the testator is legally competent at the time the Will is created. Signing and dating the Will in front of two uninterested parties or witnesses. Signing the Will at the end of the document to prove that it is the end of the document itself. Listing one or more beneficiaries who will receive the estate upon the testator’s death. A Will is drawn up by the testator and an estate planning attorney. This document is then filed with the county and state courts where it will remain until the individual has passed or has become incapacitated too far to handle their estate. During the Will process, the individual will list executors, guardians and beneficiaries – most of which belong to family members and close friends. If you are unsure about what a Will entails or if your estate needs one, consult an estate planning attorney to assess your estate and assets and determine the best estate plan for your needs. Experienced estate planning attorneys Brooklyn NY of the Minko Law Office offers estate planning and business planning resources to residents of Brooklyn NY. To learn more about these free resources, please visit www.minkolaw.com/ today.
Other docs by minkolawny
Intra-Family Loans Have Their Place in Estate Planning
Views: 37 | Downloads: 0
Consolidate and Organize for Successful Money Management
Views: 5 | Downloads: 0
Irrevocable Trusts Benefit Long-Term Care Needs
Views: 42 | Downloads: 0
Be Sure to Retitle an Inherited IRA
Views: 6 | Downloads: 0
Don’t Rush into Financial Decisions
Views: 29 | Downloads: 0
Successful Health Care Power of Attorney Depends on Agent
Views: 9 | Downloads: 0
Will Early Retirement Harm You?
Views: 7 | Downloads: 0
Keep or Toss? A Guide for Retaining Financial Records
Views: 28 | Downloads: 0
Little Things Matter
Views: 15 | Downloads: 0
Estate Planning And Spouses: Is A Joint Will A Good Idea?
Views: 46 | Downloads: 0