Estate Planning - How A Last Will And Testament Works

When it comes to estate planning, the will is extremely important. A will is a document that is created to determine how your property should be divided after you've passed away. If you have kids, it will also list who will be their guardian if they're still under 18 when you die. Virtually anything can be added to your will as long as it relates to estate planning.

Why Your Will Is Important

It's estimated that around 70 percent of Americans don't create a will. This is shocking when you consider how important this document is. Everyone who owns any money or property should have one. Otherwise, you have no control over who gets these assets. If you have children, you're leaving it up to the state to decide who becomes their legal guardian.

Many people don't draw them up because they don't anticipate passing away any time soon. Others believe mistakenly that only the wealthy need to draw up a will. But if you own anything at all and care who gets it, you need to have one.

The Essentials

There are some legal requirements that every will must meet. First of all, it must clearly state that you've created it and that it's your 'Last Will and Testament.' It must use those exact words. It also has to state that all previous wills are officially revoked by this one. You also have to claim in the will that your mind is sound and you're physically able to write the will and make important estate planning decisions.

Before it becomes official, it must be signed in the presence of two people who don't benefit from it in any way. This is done to make sure that everything is fair. It also needs to be notarized and reviewed by an attorney.

How To Create Your Will

If you have relatively few assets and who gets them is a fairly uncomplicated matter, you can write your own will. There are websites where you can download a form and fill it in. You can also simply write your own by following templates. The title will be 'Last Will and Testament' and it should start with a declaration that says you are of legal age, this is your last will and testament, and you're not under any duress.

In the body of the will, name your executor (the person who will see that it gets carried out), the guardian of your children, your assets, who will get them, and any funeral arrangements that you prefer. Finally sign it, have it signed by your two witnesses, and get it notarized.

If you still feel unsure about it, hire an estate planning lawyer to help you. They can make the process extremely simple and take care of all the details for you.

By: aardis

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If you are planning your last will and testament and are in need of a Oklahoma City estate planning attorney, be sure to visit www.oklahomacityestateplanningatty.com/.