Codicil To Will

1. What is a Will?

A written will is signed by a person (often called the testator ") directs what should be done with his property after his death. Each state has its own very specific laws about what is necessary for a will to be valid in that state.

2. Who can create a will?

Any person who is mentally competent, which is at least 18 years may make a will. However, later, evidence of fraud, duress or undue influence by another person or the testator may cause the will to be invalid.

3. Who should have a will ... and why?

Every competent adult should have a will. Here are some reasons:

aec You can direct how you want your property divided upon your death.

aec You can name the person you want to manage your real estate (called "executor" or "personal representative").

aec You can reduce the costs of administering your estate.

aec You can save taxes.

aec You can designate a guardian for your minor children.

aec You can provide a trust for the support and education of your children, without the need for costly litigation.

4. Is this to be a witness? Is there a need to be notarized?

Generally, most states require the signature of a will must be witnessed by two persons, who must also sign the will before the testator. (An exception to the obligation to testify is made, if the testator writes all of this in his own handwriting, and signs and dates.)

Although the law does not require a will to be notarized, it is a practice strongly recommended, followed by most lawyers. If the testator and the signatures of witnesses have been notarized, the will is presumed to be properly executed and is accepted by the court without the testimony of the witness.

5. How long is it valid?

Your will is valid until you revoke generally either by physical destruction (tearing or burning up, for example) or by signing a will or alternate written revocation. However, if you get divorced after signing a will, the law may treat that will partially revoked. Also, if you are married, your spouse may have rights in your estate regardless of what is provided in your will.

6. Can that be changed?

Your will not take effect until death, therefore it can be changed at any time during your life as long as you are mentally competent. Traditionally, wills have been changed by an amending instrument called a codicil, but with the technology development of modern word processor, it is generally preferable and equally easy to sign an entirely new will when you want to make changes.

7. What happens if you do not have a will?

If you do not have a will, state law directs the property you receive, regardless of your wishes. For example, in my home country of Virginia, if you are married, your estate generally passes entirely to your surviving spouse, but if you have children who are not also children of your spouse, your children divided into two third of your estate and your spouse takes the other one third.

8. Is joint ownership a good substitute for a will?

In most cases, the condominium is not an acceptable substitute for a will. Contrary to popular belief, joint ownership of property between husband and wife often means succession is excessive. Joint ownership between parent and child can lead to conflict between family members and cause unexpected and unnecessary gift taxes.

9. Is a trust (also called revocable Living Trust) to replace a will?

Adequate funding revocable ("living") trust can be a valuable and.