A Will is a legal document that sets forth one's wishes regarding the distribution of property. There are many types of Wills:
The traditional is called a testamentary Will. This is a formal document prepared by an attorney and is signed in the presence of witnesses. A holographic will is written without the presence of witnesses and rarely holds up in court. Oral Wills are spoken testaments given before witnesses, however, are not widely recognized from a legal perspective. If the legal requirements are not met, then the Will can be voided or invalidated in Court.
In fact, besides protecting assets, a Will covers several other aspects of life such as minor children and family heirlooms. To clarify, a Will dictates sole discretion over the distribution of belongings such as cars, assets, businesses, family heirlooms, and investments and directs a smooth transition of those assets. There are several assets that are not covered by the instructions of a Will which include proceeds from life insurance policies, retirement assets, assets owned as a joint tenants with rights of survivorship, and investment accounts that are designated as "transfer on death".
Furthermore, a State may oversee the distribution of assets if a Will is not found. Many people believe that without a Will the State inherits assets. However, the State distributes the assets according to a set formula which results in half of your estate going to a spouse and the other half to children. In addition, if the children are minors the court may appoint a representative to look after their interests.
Most importantly, age does not dictate the creation or need of a Will. This depends on the individual, personal wishes, and assets. In order to prepare a Will, compile a list of assets and debts. Include any safe deposit box contents, items of sentimental value, family heirlooms, and any other assets to transfer to a particular person or entity. Making a Will is a simple and necessary process that can save time, money, grief, as well as give a peace of mind. If you have any further questions about Wills or would like to create one please do not hesitate to contact me.