Estate Planning And Wills

Estate Planning And Wills

Will is a legal document that is the first step towards estate planning. Once you have determined that you need to do estate planning, the first thing your attorney will tell you to is prepare a will based plan or a trust based plan.

The will based plan will give details about the heirs or beneficiaries who will be in receipt of your entire property after your demise. It should also notify the time when the property will be handed over after your death. The will based plan has four very important inclusions such as the names of the personal representative or executor for taking the charge of your estate after your death, the powers of this personal representative, the name of the inheritors, and the mode of transfer of the property to the beneficiaries and inheritors. Those who have minor children will have an additional fifth point mentioning about guardianship until the children become adults.

The rules regarding writing wills differ in various states. However, most of them have some common requirements like that the will has to be signed by the person who is making it along with signatures of 2 independent witnesses. The witnesses must not be the beneficiaries or anyway related to the person making the will. The witnesses should be of sound mind and must be over eighteen years of age.

Although there are several DIY kits available in the market for helping you, it is advisable to take help of an experienced attorney while planning your estate and making the will based plan.

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