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How to make a will testament
Please note: The information below is for informational purposes only and isn't to be
taken as legal advice. It is not a substitute for the advice of an attorney
If you are looking to create a will I seriously reccomend visiting LegalZoom.
The process of making a will testament
The will is filed with the probate court
An executor of the will is appointeed by the court
The maker of the will may choose to have the executor pay a
bond/insurance prior to appointment
If all beneficiaries agree, an independant administration can be
chosen to execute the will (rather than a more legally costly administration)
Who can make a will?
The Uniform Probate Law states nyone who is over 18 and "sound of
mind". State laws may also be
applicable.
Does a Will need to be printed?
To prevent recognition problems last wills must be printed. The
exception are so called
"holographic wills", where the material listings in the will must be
hand written- again this is
dependant upon state law.
- What are the legal requirements for a will to be valid?
- the document must be typed/printed
- signed by the author
- signed by two witnesses (who witnessed the other signings of the will)
Again, state law may differ.
- Who can act as a witness?
Under federal law the witness must be atleast 18 and sound of mind.
Many states also require, and it
is recommended, that the witness is not a beneficiary of the will (to
prevent conflicts of interest).
- Does my wil need to be notarized?
Only in Lousiana. Notarizing means the will has become legally
admissible in court. If a will is not
notarized, the witnesses will need to sign acclamations of the wills
authenticity when it is invoked.
- About the signature
It is required to sign the last page of the will (unless it is the
notary certificate). It is recommended,
and required in Louisiana, to sign every page.
- Key parts of the Will
- Naming of executor
- Payment to creditors
- Charitable bequests
- Specific bequests
- What is a contingent benificiary?
A contingent benificiary is a bequest upon some action prior to the
death of the maker of the will.
For example, bequesting to someone unless they have passed away - in
which case the object may be
bequested to another named party.
- Federal Estate Taxes
The federal taxes are complicated, but generally speaking in 2009 the
first $3.5 million of estates
are exempt from federal tax. For more information see See IRS Publication 950.
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