Gato <nospaminnocentcat@peoplepc.com> wrote in message news:<94p1p090hpj1o6681fujplcf93s489ch3s@4ax.com>...
I am getting ready to write my will and had a couple of questions that
maybe someone here and answer for me.....
1. Does a will have to be notorized for it to be considered legal and
stand up in a court of law ? In other words if I write out my will
saying I leave something to someone, will my signature be enough to
make it legal ?
Required in some places (specifically Louisiana), encouraged in
others. A notarized will in proper form can be "self proving", meaning
it will be accepted as your will without having to get affidavits from
your witnesses.
Witnesses are required everywhere, usually two but sometimes three
(specifically three in Vermont). It works best if witnesses are not
"interested parties", meaning they don't have any connection to your
estate (as executor, kin, heirs, or creditors) other than serving as
witnesses. If an interested party serves as witness, your will can be
called into question, or the witness can be penalized.
A holographic (handwritten) will is theoretically a valid alternative,
but both you and your executor had better really know what you are
doing before going this route. I suppose holographic wills have their
place when an emergency doesn't allow preparing a proper will, but
otherwise they are going to cause trouble.
2. My bank account....how would I write it into my will ?
I wouldn't, just make sure it can be found in your records and that
your executor knows where your records are.
Another way of handling a bank account is to set it up as a "pay on
death" (POD) account: your beneficiary gets the funds without having
to slog through probate. This way, neither the account nor the money
in the account need to be disposed of in your will.
3. I recently bought a new car which is not payed off. If I should
pass on before it is paid off how could I handle that ?
Give your executor (or personal representative, some states
distinguish the two) as much discretion as you're comfortable with. A
common way of handling property subject to a secured debt is to have
the property sold to pay the debt. Unless you want the car to go to,
say, a favorite nephew, don't tie your executor's hands; allow the
executor to maintain and dispose of property in any way consistent
with the interest of the estate.
Thanks in advance for your advice
I'm not a lawyer, this is just what little I know from being named
executor for my parents and in-laws.
Getting a lawyer to draw up a will is routine and inexpensive, and it
saves a lot of worry that something will be done wrong (and your
spouse will have to share in intestate succession with the ingrate
spawn you had with your ex, or the estate will end up in probate until
most of the assets have been wasted, or your favored heir will get
fleeced by the family black sheep). Unless (and maybe even if) your
estate is stone-simple, leave this to a lawyer.
--
Chris Green
