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Wills                                                                                                                                                             
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A Will is a legal document that allows a person to distribute his or her property and usually prevents the property from being distributed by the Probate court system.  A Will is also helpful in naming the individual(s) you would want to be your children’s guardian is something happen to you.  To create a legal Will, the person has to be at least 18 years old, or be a minor that has been emancipated, and of sound mind.

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There are three types of wills:

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  • Handwritten Wills

  • Oral Wills and,

  • Formal Wills

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Types of Wills:

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Handwritten Wills are called Holographic Wills.  They are legal documents in most states.  The court validates them by matching the person’s handwriting to other documents.  They need to be dated and signed but do not require a witness.

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Oral Wills are called Nuncupative Wills.  They are declarations made when the person is dying.  There needs to be sufficient witnesses to be upheld.  In some states, they are illegal.  In the states where they are recognized, only personal property is passed to the desired person.  Real property like land and homes do not.

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Formal Wills are called Statutory Wills.  They are drawn up by an attorney to adhere to the laws of the state the person resides.  They are usually signed in front of two witnesses.  A beneficiary of any assets usually can not be a witness.

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A Will names an executor who read the wishes of the decease and distributes assets.  An important thing to know is that a Will does not name a beneficiary; it only states the wishes of the decease.  This is why we recommend all assets be passed to another person through the use of a Trust.  The wishes of the decease can be contested in court.  This can delay the transfer of the property, drive up cost and possibly even distribute the property to some other person.  If somebody contests the Will by stating that conditions have changed and the Will was never updated, than everything goes to Probate Court.

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As mentioned earlier, a Will is a good way to name who you would wish to be the guardians of your children.  This is the main reason we recommend a person have a Will.  If guardians are not named via a Will, than your kids may end up bouncing back and forth between family members who are fighting to be the guardians until the court system makes a ruling.

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