Drafting a Will & Division of Assets
A will is a document that states how assets and debts are managed after the person’s death. It includes the name of beneficiaries, testamentary documents, and residuary bequests. The will may also discuss charitable donations or other topics such as trusts, gifts, and powers of attorney.
In order to make a will legally binding, it must be drafted in accordance with legal standards. Standards in the state where it is to be administered.
A will has to fulfill these requirements:
- It must have at least one executor who would carry out instructions of the deceased person.
- It must provide information about all assets possessed by the deceased person and their value.
- The executor’s name should not appear on any part of the document. This would mean that they should have no stake in what is written within it.
Drafting A Will After Remarriage
After a divorce, you may have updated your will to reflect this change. But after remarriage, many changes need to happen in order for it to be considered updated and compliant.
The following are some considerations for drafting a will after remarriage:
- How should the new spouse be named? Should the deceased’s children from previous marriages be included?
- What should happen if there’s a subsequent marriage that results in more children?
- Which assets do you want the spouse in your new marriage to receive?
- Which assets do you want your children from previous marriages to receive?
- Do you want any of your property to go towards charity or special causes after death?
When you remarry, you should know that your will is inherited from your previous spouse. If this is not what you want, then you need to create a new will. You can also draw up a trust agreement if there is any property that you want to ensure. Ensure that it should go to someone else. You should draft a will and transfer the property. It’s all for the person who receives it to have full rights over it.
Drafting a Will & Inheritance
To be legally binding, a will must comply with certain formalities which vary from state to state. These formalities include the following.
1)The document must be in writing.
2) All beneficiaries must be identified by name or by some other clear designation.
3) The signatures on all pages of the document must be either notarized or witnessed by two or more people
4) The witnesses should also sign every page of the document.
5) In some states, documents containing holographic terms.
If you die intestate, the law of intestacy applies and determines who inherits your assets.
Formalities: A will must be in writing and signed by you by a person witnessing your signature. By two more witnesses who are present at the time of signing.
For most people, a will is a wise estate-planning decision. You may not want to change anything about your estate if you have children who depend on you financially. But if you don’t have any children and don’t want some of your money to go toward taxes. This or if there’s an adult child from whom you are estranged, it may be time to make a plan.
Drafting A Will with No Children
There are three main options for drafting a will without children: testament, trust, or power of attorney. Testament is the most basic form of inheritance-transferring document. It’s all about what you want to happen with your property if you die. A trust is also an inheritance–transferring document, which could be used in many different ways. Such as in the event that you have minor heirs that need guidance from a legal guardian. A power of attorney is important if you want to choose who will manage your property. That and handling other important decisions while you’re alive.
If you don’t have any children, it’s important to appoint a person to take care of your estate. This person will take care of all the legal and financial matters related to your death.
The executor will have to make sure that the will is valid. They also need to distribute your property and money according to what is specified in the will.
Morgan Legal Group P.C.
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