Why you need a will, and what to do if you are appointed Executor or Administrator.
Part I
ESTABLISHING YOUR ESTATE – WILLS AND TRUSTS
A will is a roadmap for your loved ones to follow regarding your estate. I can’t emphasize enough how important it is for you to provide them with directions regarding your money and property after you have passed away. You will save them an inordinate amount of time, upset and confusion in an already sad situation by taking care of this important and not necessarily difficult legal matter. I know because my own mother passed away without leaving a will, despite our pleading with her for many years before her demise.
We have been faced with a dizzying number of big decisions concerning everything from the most basic aspects of funeral planning to the disposition of real property.
My siblings elected me “Administrator” (a less powerful version of ‘Executor’ because she died intestate). “Intestate” is the legal term for someone who has died without a will.
LEGAL INSTRUMENTS
Every state has different laws concerning estates and trusts. Here is a link to a website with contains this pertinent information. It will be helpful for you to look at your state’s code on estate law.
http://estate.findlaw.com/planning-an-estate/state-laws-estates-probate.html
Basic Wills
You can go to Law Depot, Legal Zoom or any number of sites if you want to create a will quickly and inexpensively. “Testator” is a legal term for the person who makes/creates the will.
You can also go to an attorney who specializes in Estate Law.
Holographic Wills
Or, you can write a holographic will, which is a will that is handwritten and signed by the testator (that would be you). Not all states recognize holographic wills, and, in states where they are acceptable, they must meet some specific requirements. The minimal requirements are:
*Proof that the testator actually wrote the will
*Proof that the testator was in full possession of her/his mental capacities
*The will must contain the testator’s wish to disburse personal property to beneficiaries
In many states a holographic will must contain the maker’s (your) signature. If you decide to go this route, just go ahead and sign it the document….anything to make life easier for your beneficiaries. Handwritten holographic wills do not have to be witnessed or notarized. If it is typed, you will need to have it witnessed. I think that the logic behind handwritten vs. typed is that it easier to commit fraud with the typewritten document.
Leave the holographic will in a place where it will be easily found. You don’t want your heirs to feel like they are in a mystery novel.
I took this definition from Investopedia, where they have defined various types of wills, too.
Here is a link:https://www.investopedia.com/terms/h/holographic-will.asp
Trusts
Elderlawanswers.com has a good definition of Trusts. One of the chief benefits of Trusts is that they allow for a seamless transition of financial responsibilities from the decedent to the trustee.
Here is their definition:
“One main difference between a will and a trust is that a will goes into effect only after you die, while a trust takes effect as soon as you create it. A will is a document that directs who will receive your property at your death and it appoints a legal representative to carry out your wishes. By contrast, a trust can be used to begin distributing property before death, at death or afterwards. A trust is a legal arrangement through which one person (or an institution, such as a bank or law firm), called a ‘trustee,’ holds legal title to property for another person, called a ‘beneficiary.’ A trust usually has two types of beneficiaries — one set that receives income from the trust during their lives and another set that receives whatever is left over after the first set of beneficiaries dies.”
https://www.elderlawanswers.com/understanding-the-differences-between-a-will-and-a-trust-7888
Household Objects
If for some reason you do not designate “who gets what” in your will, at least put pieces of tape on the bottom of items around your home, and write the name of the recipient of each piece. This is an easy way of letting everyone know which item goes where.
Next Time – Starting from Scratch After Your Loved One Has Passed Away