Last Will and Testament Template (Comprehensive)

Document Sample
Last Will and Testament Template (Comprehensive) Powered By Docstoc
					Last Will & Testament Package Table of Contents

I. General Information .......................................................................................2

II. Checklist .........................................................................................................3

III. Step-by-Step Instructions ...............................................................................4




© Copyright 2011 Docstoc Inc. registered document proprietary, copy not                                       1
I.       GENERAL INFORMATION




         One key document that every person should have is a will. If you do not have a will
upon your death, state law and a judge will decide who gets your property and who will raise
your children.


         People tend to think estate planning is difficult and expensive, which it can be
depending on how big your estate is. However just about anyone can create their own simple
will. If you are under the age of 50 and do not own assets valued high enough to trigger
estate taxes, a basic will can work for you.


         One common misconception is that if you have a will in place you will avoid probate
court. This is not the case. If you leave anything other than a very small amount of property,
probate court will be necessary to process your estate in the end. A simple will however, will
cover the interests of someone young and healthy and owns a relatively small estate. It
covers your bases, so to speak. Later when you are older or your estate gets larger and more
complex you can do some more complex estate planning to possibly avoid probate later.




© Copyright 2011 Docstoc Inc. registered document proprietary, copy not               2
II.       CHECKLIST



         Assess your individual needs. If you are young, do not have a large estate and want to
          have a say in how your property is distributed after your death, a simple will can be a
          good option;


         The presence of a will does not keep your estate out of probate court;


         List all of your assets and property, and the beneficiaries who will receive it;


         Choose a guardian if you have children under the age of 18, and an executor of your
          will. An executor is the person that you will ask to wind up all of your affairs after
          you are gone. Care should be taken to choose these people carefully as they carry
          considerable responsibility;


        
				
DOCUMENT INFO
Description: This is a non tax-sensitive form that can be used for single or married people with or without children. It clearly dictates what actions are to take place after the individual's death. This legal form will legally dedicate all of a person's assets to designated parties.
This document is also part of a package Estate Planning Starter Kit 20 Documents Included