Will is one of the very important methods that is used by people to tell their preferences about the way their movable and immovable property needs to be dealt post their death. A Will comes with a validity, limitations, administration and execution rules that a person who writes it must know.
What is a Will?
A will is same as an instruction booklet that is meant for probation in the court. On the basis of this legal document, one oversees administration of estate and handle disputes arising over the will.
The court makes a decision to distribute the assets of the deceased person in accordance with the way mentioned in the Will. Lissner & Lissner, LLC is one of the most reputed attorneys that guide their client through each and every step of Will creation.
Which are those Assets that are not Probated in Court?
Some of the assets mentioned in the Will are not controlled by a will and so cannot be probated in the court. These assets are:
• Life insurance proceeds document which has to be paid to the beneficiaries on account of the death of the policyholder.
• Property that is in the form of joint tenancy. Such properties on the event of death of one of the joint tenants, are passed automatically to the other surviving joint tenant.
• Property that is held in trusts. Distribution of such assets are not controlled in the Will and so they are transferred by other means than probate.
What is Validity of a Will?
There are a specific set of rules that must be followed for the Will to be considered as valid in the court. These requirements must vary from one state to another. Some of these requirements are:
• A Will should be in own handwriting of the testator. It should not be in the printed form.
• Testator should be of sound mind at the time of creating the Will
• Testator should not be forced to make the distribution. It should be written by him as per his wish.
• There should be at least two witnesses at the time of writing the will. This helps in witnessing the entire process.
• A testator should be an adult and should understand the terminologies of Will.
If these formal requirements are not followed then it can also be challenged in the court.
How is a Will Executed?
A will is executed by appointing a personal representative or an executor to perform the wishes of the testator post his demise. The representative merges and manages the assets of the testator, collects any arrears that are owed to the testator, sells property to pay estate taxes and files necessary tax and court related documents for the estate.
Will creation is very important task that has to be carried out by a person during their lifetime. Learning about the terminologies and the intricacies of Will creation and assistance of a professional legal attorney would help in successful handling of your property after your demise.