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Estate Planning


Why is there such an aversion to it?

Every year, thousands of Americans die intestate, or without a will. Some of this poor planning can be attributed to the fact that many don't want to deal with their own mortality and plan for what will happen to their assets after they pass away. However, having no will or an ineffective one might be caused by more than feeling squeamish about death. Many don't legally plan for the future because they simply don't understand the process as well as they should.

If you don't write a will, the state dictates who receives your property and assets after your passing. Each state has laws on the books specifically governing how the assets of intestate people will be distributed. Generally, your estate distribution will follow the law of the state in which you reside.

If you would like to steer clear of the presence of state law in the disposition of your estate, you must have a written will which meets every requirement of the Wills Act as it exists in your state. Once those requirements are met, a probate court can acknowledge the will as the governing voice for the dispensation of property, and not the state.

Some states, including California, demand that the Wills Act's official procedure be followed exactly as the Act dictates. Other states allow a little bit more wiggle room, requiring what they term "substantial compliance" with the requirements. The substantial compliance tenet exists so that court can put a will into effect if its author clearly made an attempt to comply with the Wills Act rules, but accidentally made small mistake. Since every state requires either letter-perfect or near letter-perfect compliance with the Wills Act, it is a good idea to follow the rules as closely as possible.

First of all, the will must be in writing, signed by the person whose property is being gifted, and demonstrate that person's express intent to use the document as a will. Some states have requirements for where the signature appears - certain laws expressly require it to appear at the end of the document. No matter what, the signature must be what's called last in time, meaning it must be signed after all of the gifting language in the will has been written.

Additionally, the will must be signed by two other parties who witnessed the signature and have no personal stake the person's estate. All signatures must be dated and it's a good idea for witnesses to sign the will within a reasonable period of time. In a state that strictly follows the Wills Act, a simple missing witness signature could invalidate the entire will. It's very important that you follow the requirements for signatures.

Remember, even though it almost goes without saying, it is important that your will is very well thought out. While a will can always be amended, each amendment must be conducted with care. It must also follow the formalities, so that each amendment to your will can be somewhat tedious and costly.

LegalZoom is not a lawfirm and can only provide self-help services at your specific direction. Information contained above is subject to change and is not applicable to every state. Visit LegalZoom.com for specific state-by state-documents.

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