In this article, Register Sabatina answers some of the most common and basic questions people ask about wills. Continue reading to equip yourself with this powerful knowledge.
And if you don’t have a will already, make it your priority to get one.
Your loved ones will appreciate it.
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Questions:
• What is a will?
• Why do I need a will?
• What are the requirements of a will?
• How do I “register” my will?
• Where should I keep my will?
• What is “probate”?
• Is a living will the same as a will?
• How can I change my will?
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• What is a will?
A will is a signed and dated document composed by a person at least 18 years of age and of sound mind. The purpose of a will is to direct the distribution of the person’s assets upon their death. Assets include money, real estate, financial accounts, and other possessions.
A will may also be used to appoint guardians of the estates of your underage heirs, to direct charitable donations from your estate, or to direct your funeral arrangements.
• Why do I need a will?
If you are an adult, you should have a will. For young parents, a will allows you to appoint guardians for the inheritances of your minor children. For a middle-aged and older person, a will allows you to direct your assets to your preferred heirs, such as those most in-need.
If you don’t have a will, your heirs are dictated by state law known as Intestate Succession. Your surviving spouse does NOT automatically get everything. The spouse gets the first $30,000 of your estate plus half the remaining assets. The rest is distributed among other legal heirs.
A will also allows you to direct donations to your favorite organizations or charities and direct your own funeral arrangements.
• What are the requirements of a will?
A person must be at least 18 years of age and of sound mind to create a will. You must sign it at the end and date it. It is required that two witnesses also sign the will and that all signatures are notarized.
Another important part of a will is the naming of an executor or executrix, who administers the estate after you die – including the distribution of assets.
• How do I “register” my will?
Once you have a will, you do NOT “register” it. You or your attorney keep your will throughout your life. It should be brought to the Register of Wills by your chosen executor or executrix or a family member after your death.
Until then, you should keep the will in a safe, secure place with your other important documents. You should tell at least one trusted, reliable relative or friend where to find the will upon your death. Only then should the original will be brought to the Register of Wills to start the probate process.
• Where should I keep my will?
While you’re alive, you should keep your original will in a safe, secure place protected from damage or from being lost or misplaced. The original will is the one with your actual signature on it, not a duplicate or photocopy.
It’s OK to make duplicates of your will so that your loved ones know what’s in the document, but the only legal copy is the original.
Put it with your other most important personal documents, such as birth and marriage records, deeds, and your financial information. It’s a good idea to put it in a safe or a fireproof and waterproof lock box.
If you hire a lawyer to help you write your will, the lawyer may offer to hold the original on file. The important thing is to tell your executor or executrix where it is so they can get it when you die.
• What is “probate”?
The word probate literally means “to prove” a will. A will is proved when it is declared legally valid by the Register of Wills, who can then approve the executor or executrix as the personal representative to administer the estate of the deceased person.
If someone dies without a will, their assets are distributed as directed by state law known as Intestate Succession. In those cases, the Register of Wills appoints an administrator for the estate.
A will allows YOU to decide who inherits your assets instead of the state.
• Is a living will the same as a will?
They are two separate, distinct documents. What is referred to as a “living will” is actually called a “medical directive.”
A living will is generally used to direct your healthcare-related wishes if you lose the ability to communicate those decisions. A will is used after you die to direct the administration of your estate. In it, you name an executor or executrix and direct the distribution of your assets.
If you need help preparing a living will or a will, consult a trusted attorney.
• How can I change my will?
It’s very normal to update your will after a life-changing event, such as a marriage, the birth of a child, a divorce, or a death. You may also want to update your will to reflect changes in your assets, such as the purchase of a home.
Changing a will doesn’t have to be difficult, but you want it done correctly. An attorney can help you make the changes you want, either by creating a new will or by creating an amendment to your original will known as a “codicil.”
Once your updated will is complete, keep the original, signed copy is a safe, secure place and let your executor or executrix know where to retrieve it when you pass away.
