1. Understanding Wills
2. What is an Estate?
3. What is Probate?
4. Understanding Trusts
Rich Wallace Legal News and Information
*IMPORTANT: These materials are for informational purposes only. They should not be construed as legal advice. This information is not intended to replace the assistance of an attorney in any particular situation. It is not intended to, and does not, create an attorney-client relationship.
Understanding Wills
When the term "estate planning" is used, most people think of writing a will. Similarly, many people who have prepared a will believe that they have an estate plan. In reality, a will is just one part of a complete estate plan. A will is a revocable document (you can cancel your will or change it at any time) that tells the world:
- How you want to give away your property when you die
- Who you want to have as your executor -- the person who will carry out the instructions in your will
- If you have children (or other dependents), who their guardians and the guardians of their property should beUsually, one guardian does both, but it is also possible to split the two tasks.
- Your name and address
- A brief description of your assets
- Names of spouses, children and other beneficiaries, such as charities, friends or relatives
- Alternate beneficiaries, in case a beneficiary dies before you do
- Specific gifts, such as your car or your home
- Any establishment of testamentary trusts and the designation of a trustee
- Any cancellation of debts as a gift
- Name of the executor to manage the estate
- Name of a guardian(s) for minor children and their property
- Name of an alternate guardian(s), in the event that your first choice is unwilling or unable to act
- Your signature
- Witnesses' signatures
- The signature and stamp of a notary public (in some states)
All wills must be written in a certain way so that they comply with certain technical requirements in your state's laws. For example, some states require a will to include a statement at the end that says it is your will, the date and place of signing, the fact that you signed it in the presence of the witnesses, and the fact that the witnesses also signed both in your presence and in each other's presence.
