A last will and testament refers to a legal document that sets out the directions or order of the drafter on how his properties will be distributed after death with the help of a Real Estate Lawyer Yorktown. A last will may come as an oral statement or handwritten, whereas a living will refer to a legal document that describes the preferences of the drafter when it comes to decisions about medical treatment in the event that he is unable to say his wishes. A simple will follows the state’s legal requirements of the state in which the will is drafted, including signatures and witnesses.
A simple will consists of an introduction and declaration wherein the drafter is identified, and his intention to make the last will and testament is stated, including a bequest clause stating how the property must be distributed, and a residuary clause disposing of any leftover assets. A complex will refer to a complex estate including all the provisions which are found in a simple will, and also including establishment of the directions or trusts for the state to operate a business or collect debts owed to the testator.
When a divorce or prenuptial agreement impact the will’s terms, or where the real estate is large to warrant property distribution and estate taxes, a more complex and detailed last will and testament may be required. When creating a will, it is important to consider important things such as your debts, assets, beneficiaries, executors, and guardians, and special circumstances. You have to list all your debts to others such as mortgages, credit cards, car loans, equity loans, student loans, medical bills, and personal debts. It is also important to list all of your assets such as bank and investment accounts, real estate, retirement accounts, and valuable personal property such as musical instrument, artwork, antiques, and firearm collections. Your beneficiaries are not just your children or spouse, you can also leave something for your relatives, trusted friends, and organizations or institutions that you like to support.
An executor of your last Will And Testament Yorktown may be a family member who has knowledge about fiscal matters, a trusted business person or banker. It is also important to indicate the name of the guardian of your minor children, and also adding an alternative guardian or executor if your first choice is unable to serve on the time of your death. Special circumstances include the last will and testament for a child with special needs, exclusion of a child or grandchild from a will, any arrangement for the care of your pets or livestock, or the person who will replace the CEO position of a large company.