ADMINISTRATIVE PROCEDURES
Writing a will is something most people put off for as long as possible. The idea of death is uncomfortable, and many prefer not to dwell on these possibilities. As a result, a whopping 70% of the American population does not have a will. But creating a will is a simple process, and nor is it particularly time-consuming or expensive. Leaving a will has numerous benefits. It eliminates conflict, prevents confusion, and ensures possessions and assets are given to the people you want them to go to. This article will examine how you can create a will in the United States.
The Differing Types Of Wills
How to write a will? Well, many different types of wills (also known as a testament) are available in the United States. The sort of testament chosen should be based on individual requirements and circumstances. The categories of wills available are outlined below.
The Simple Will
Despite the name, a simple will is suitable for the majority of people who do not have any complicated estates. To make the will document valid, a person simply has to:
- • State that the document is their will;
- • Name the people who are to receive their property or asset (called the beneficiaries);
- • Choose a person to carry out the wishes laid out in the will (they are called the executor);
- • Name the guardians to take care of any children or pets;
- • Sign the document in front of two witnesses.
A simple will template is available online and in reputable stores to purchase. They will have blank spaces for people to fill in all the critical details. Amazon is one marketplace where you can buy templates; you can see an example of a popular simple will template here.
The Living Will
This document has nothing to do with a person's property or assets after they perish. It lays out the individuals' wishes should they become incapacitated during their life. The document can state the medical treatments a person may receive and others who may decide on their behalf.
The Mirror Will
These are made by married couples or people who are domestic partners. With mirror wills, each person hands over their entire possession to their partner. The identical nature means the secondary beneficiaries in the will are exactly the same. A mirror will ensures the partner's financial security takes precedence over other family members or external organizations.
Joint Wills
These types of wills are similar to Mirror wills because the financial welfare of the partner is taken care of before other people. The difference is that this is a will where both people assign their wishes in a single document. The will can only be changed with the consent of the other person; it means after one person dies, the will cannot be changed. With this in mind, many attorneys recommend people to make a mirror will.
The Holographic Will
This is the most basic type of will. It is written and signed by hand without the presence of any witnesses. A person can create such a will without a lawyer to prepare any documents. Though it is the quickest way to create a testament, this approach is discouraged as the law may not recognize it.
Oral Wills
This often happens if a person is to pass away soon and they do not have a will in place. The person states their wishes in front of several witnesses, and their requirements are noted. This type of will is not recognized in many of the States in America. But it may help when going to a court to settle a person's estate.
What To Include In A Will?
Once you've chosen the type of will you want, it is important to make a list of your property and assets and decide what is to be included. Your property and assets will consist of things such as:
- • Your home, other real estates you own, and vehicles.
- • Bank and savings accounts.
- • Life insurance coverage.
- • Pets.
- • Heirlooms and other personal belongings.
Choosing Who Receives Your Possessions
After making a list of all the assets, you will need to decide who will receive your property and assets. They are known as beneficiaries. Some people with a family simply leave all their possessions to their spouse and children. But you are free to include anyone who you want. It could include extended families, friends, or even external organizations and charities. Leaving a detailed plan is a good idea to minimize any confusion. Should there be a need to go to a probate court, a comprehensive will make it easier for the courts to decide. Sometimes it is a good idea to discuss the assignment of possessions with the family to ensure there are no misunderstandings.
Choosing The Executor
The executor of the will is the person who carries out the wishes stated in the testament. They will distribute property and assets to friends and family, settle debts, and much more. An executor is chosen by simply stating the name on the will. Before writing a testament, discussions will need to take place with the executor to ensure they are happy to carry out the role. As it is a complex duty with many responsibilities, you should choose an organized, reliable, and trustworthy person. Many people choose their spouse or adult children as they are trustworthy.
Choosing A Guardian
If children are involved, deciding who will take guardianship after the death is a good idea. Normally the spouse becomes the legal guardian after their partner dies. In scenarios where both parents perish, listing a guardian will ensure the right people look after the children. As with an executor, appointing an organized, reliable, and trustworthy person is crucial. Without a guardian, the legal courts will decide who takes responsibility.
Witnesses And Storage
The signature of the will must take place in front of two witnesses. These individuals cannot be the executor, the beneficiaries, or anyone who stands to gain from the testament. They could be anyone you know, such as friends, neighbors, or even roommates. Once the paperwork is completed, it will need to be stored in an easy-to-find and safe place. Suitable places might be the safe in the home, an attorney's office,or a safe deposit box.
Ensure You Have A Will
A will is something that is not always a priority for most Americans. But no matter your age, having a will is always a good idea. It ensures your possessions go to the right people after you pass away, and there are no misunderstandings or confusion.