 |
free website content | contact | privacy | link partners |
| Home » Personal finance |
|
Know the different types of wills
By Jakob Jelling Wills are legal documents – the most basic form of estate documents. A will is a documentary instrument by which an individual (testator) defines the rights of others over his property or family after his death. Generally a will features directions, as entered according to the instructions of the deceased person, on who he/she is, his/her right to decide on whom to bequeath the property/money, and a description on the property itself. Each state has its own legal formalities for creating and signing a will. Some of the formal requirements include: - One has to declare that the documents he/she is signing is his/her will - The testator’s signature has to be witnessed by two or three witnesses and the witnesses also have to sign in the will - Each state law defines how the testator’s signature and the witnesses signatures have to be worded There are mainly three types of wills 1. Self-proving Wills or Attested Wills Even though all these wills perform the same operation, the difference in the wills is how they are written, and what things have to be done to make the wills legal. Let us look the types of wills in detail. Self-proving Wills or Attested Wills Self-proving Wills or Attested Wills are the most commonly recognized wills approved by all states. The self-proving will have to be prepared according to all the formal requirements of the state law. It is also mandatory that attested wills have to be signed by the individual who is making the will in front of two or more witnesses. The witnesses are also required to sign at the bottom of the will. The testator and the witnesses must also write their initials on every page of the will. It is also necessary for the witnesses to sign an affidavit. An affidavit is a written statement in which the witnesses have to swear that they had seen the testator signing his will. Holographic Will Holographic Will is a handwritten will without any witnesses. According to law, the holographic will has to be written by the individual who is making the will and to be signed himself. There is no need for any witnesses. Holographic wills are approved by certain states, but these types of wills are recognized only in very rare circumstances. Oral Wills Oral wills are also known as ‘nuncupative wills’. Oral wills are only recognized in a few states. Generally these types of wills are recognized only in compelling situations for example as the impending death of a soldier in wartime. A will could be prepared without much of an outside help. But it is always recommended to seek the help of a competent legal expert. Consulting a legal expert will help one to prevent several pitfalls which could invariably creep in to the will if you are preparing it yourself. It is always advisable to avoid any complexities which could affect a hassle free transfer of assets to legal descendants.
|
|
