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| LAST WILL AND TESTAMENT Only 27% of Americans have a will when they die; however, most people should have a will. The will passes any asset that the person owns outright ... that he owns in his own name. It does not pass assets that are owned jointly, in a living trust or in some other ways. While many states allow a person to write his or her own will out in longhand, it is best to have a will drawn by a lawyer licensed to practice law in your state of residence. Each state's laws are slightly different and a local lawyer is most apt to be conversant with those differences. You can leave your assets to anyone you please; however, some states allow a widow to claim a part of the estate through a legal procedure called "The Widow's Election." Also, some states give preferential treatment to your descendants. State laws differ on the question of naming disinherited heirs in your will. So, be sure you know your state law if you decide to disinherit any heir. And, be careful that you do not libel anyone by making a disparaging statement such as, "I leave my wish for a life full of heartache to my no good son-in-law who cheated on my daughter and starved my grandchildren." Such a statement is an invitation to a lawsuit against your estate. Generally, you want to provide burial or cremation instructions in another instrument; not in the will. The will may not be found and read until after the funeral. You are not required to record your will at the county courthouse when you have it prepared. It is generally recorded there when it is admitted to probate at your death. However, if you so desire, you can record it prior to death. Some people like to record such documents in order to be sure they are not lost. Your will does not take effect until your death. So, you may change it or re-write it at any time that you have a sound mind. If you re-do your will, destroy the old one to avoid con fusion. If you want to add a sentence or two to your will, do so under the supervision of your attorney. Do not write on your typed will. See A Codicil Mishap. To leave a bequest to our institution through your will, you may say, "I leave ten (10) percent of my residual estate to "The Foundation"." Or, you may say, "I leave the sum of ten thousand dollars ($10,000.00) to "The Foundation"." For a fun learning experience, see The National Wills Test |
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