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Wills & Beneficiaries
Definition & Resources |
Codicil:
A
legal document that changes an earlier will.
Everything you own - house, bank accounts, investment
portfolios, life insurance, personal property and retirement plans.
Any property that is transferred by will is subject to probate, which is the legal process of verifying your will through
the courts. Probate can be slow and costly. |
What is probate continued
That's why many
people choose to create a living trust to convey most of their property to their loved ones. Forming a living trust makes sense for just about everyone,
but it's important to realize that it does not prevent probate - it only speeds up the probate process. You still need a will that names an executor
for your estate and a guardian for any minor children. All wills must
go through probate. Period. |
Wills
What Is The Difference: Wills & Living Trusts
- If you are like many people, you probably wonder
about the differences between a will and a living trust, and whether you need one or the other, or both.
Covers everything from "To Do, Or Not To Do-It Yourself, Disposition of property
with or without a will, the probate process,
Trust basics, Simple Living Trust, Comparing Simple Living Trusts and Wills,
Disposition of Property Outside Probate, Tax Issues, Other Elements of Estate Planning, Using Life Insurance in
Estate Planning, Specialized Trusts and Estate Planning Tools and Preserving Your Estate With Long Term Care Insurance (LTC).
Ethical wills: preserving your legacy of values
for your family - From Beyond Indigo:
Most people have done nothing to preserve and distribute the most valuable things they possess: their values, ideas, personal
reflections, and blessings family members deserve to know about. Writing an ethical will is an excellent way to do this.
Getting your estate in order: A will provides a
way -From CNBC 50 ways to settle your estate. State legislatures have enacted
a series of laws that govern estates and those with no valid will. You might assume that if you are married and have no children,
your spouse gets everything. Guess again!
Making a No-Frills
Will - From Nolo.law We've all been told that if we do nothing else to take care of our "legal affairs," we should write a
will. That's pretty good advice. If you don't make a will before your death, state law will determine who gets your property
(and it may well not be whom you would have chosen), and a judge may decide who will raise your children. In your will, you
can make these decisions yourself. How to tell when a simple will is all you need.
Make-a-Will Quiz - From CNBC - Before taking this on as a do-it-yourself project, try our quiz to make
sure you're ready.
The legal requirements for drafting a valid will
aren't nearly as complicated as many people fear. There are just a few simple rules; follow them and you'll leave a will that
you can rely on to make sure your wishes will be carried out.
What You Can't Do in
Your Will - From Nolo.law Wills aren't the
place to handle certain kinds of property or issues. Wills are wonderful,
simple, inexpensive ways to address many people's estate planning
needs. But they can't do it all. Here are some things you shouldn't expect
to accomplish in your will.
Wills FAQ (frequently asked questions) - From Nolo.law Here's
what you need to know about the basics of making a will. Click on subject.
Wills - Legal Information - From Nolo.law Though most Americans are aware that they need a will, the majority-- about 70% of us -- don't have one. People procrastinate
for many reasons, but it's important to know that writing a will doesn't have to be complicated or expensive. And once it's
done, you can rest a little easier, knowing that your wishes will be followed after your death.
Will Q&A - From CNBC
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Executors Responsibilties
Executors FAQ -- From Nolo.law
Answers to your questions
about executors, including how to choose one & what they do.
Preparation
Choosing a Guardian for Your
Children - - From Nolo.law Use your will
to name a personal guardian for your children, to raise them in the highly unlikely event you can't. If you have young children,
you've probably thought about who would raise them if you and the other parent die or are unable to fulfill your parental
responsibilities for some other reason. It's not an easy thing to consider. But you can make some simple arrangements now
that will allay some of your fears, knowing that in the highly unlikely event you can't raise your kids, they will be well
cared for.
Property
Disposition of Property, With or Without a Will - From Nolo.law
Updating Your Will
Disinheriting
Family Members - From Nolo.law What
you need to know if you're thinking of disinheriting a spouse, child or other relative. It's easy to disinherit anyone other
than your spouse or a child. The rule is very simple: anyone not mentioned in your will won't inherit any of your property.
But rules for spouses and children are somewhat more complex
Tools
Create a will -
From CNBC-Even if you decide to use an attorney, creating a will on
your own can help you to decide what you want your will to say. Will-writing software makes the grade
Net
Worth Calculation Worksheet
Will writing software
The venerable Nolo Press offers a wide variety of helpful estate-planning infor-mation on its
Web site, where you can also purchase books and WillMaker 6.0, the latest version of Nolo's will-writing soft-ware. Read about
then at above Nolo Press site.
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