As we mentioned in previous articles, estate planning is the process of accumulating and disposing of wealth before death of individual of group of owner known as estate owner including married couple. It aims is to maximize the wealth of the estate owner. The most important goal of estate planning is to make sure that the greatest amount of the estate passes to the estate owner's intended beneficiaries while paying the least amount of taxes. Drawing a will is one the process necessary in estate planning to ensure that the estate is distributed as the estate owner wish.
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I. Definition
A will is a legal document that gives someone the power to act as your financial representative after your death and directs how your assets should be distributed.
II. Development of a will
1. Legal capacity to draw a will
a) To make a legal will, the testator must be over 18 years of age or the person must be married or in the military.
b) Testator must be in sound mind.
c) The will is not made under influence of other people
2. Draw up a will
Indicate all assets in the will and how do you want want them to be distributed and have the lawyer to notarize it. You may also draw a will with your hand writing with no requirement of witnessing or notarizing.
3. Others include in the will
a) Address of testator
b) A statement that previous wills made by the testator are revoked
c) The direction how assets are distributed after taxes and expenses are paid
d) Name the testator's executor and guardian
4. Signing and witnessing
a will must be signed at the end by the testator and is witnessed by 2 sound mind person simultaneously. In case of holographic will witness is not required.
I hope this information will help. If you need more information or insurance advices, please follow my article series of the above subject at my home page at:
http://medicaladvisorjournals.blogspot.com
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