Will and Testament

One of the most crucial papers a person may have is a last will and testament, yet far too many of us put it off for too long.

A common belief among Americans is that they are “too young” to require a will. There are others who think they don’t have enough assets or a large enough net worth to require a will. You may even believe that starting your first Will is too late. However, the goal of Trust & Will is to clarify that establishing a Last Will and Testament ought to be your first concern, irrespective of your age, financial situation or stage of life. Our goal is to assist as many people as possible in preserving their families and extending their lives. 

What is the Purpose of a Will?

Everybody who is older than eighteen ought to have a will. It’s simple. You should definitely take the time to draft a Last Will and Testament if you have any kind of assets, investments, savings or dependents. If there is no will, the courts and state laws will determine how assets are divided. Your spouse, kids, parents or other close family members will usually be the beneficiaries of your inheritance if you die without a will.

What is a Last Will and Testament?

A legal document known as a last will and testament expresses a person’s last desires regarding their possessions. It gives them detailed instructions on what to do with their belongings. It will specify whether the dead desires to leave them to a charity, another individual or a group.

Financial interests, account management and dependents can all be covered by a final will and testament.

Non-traditional or unconventional wills, like a holographic will, are permitted in some states but not in others.

How a Last Will and Testament Works

Last will and testament will direct who receives what, which the liked ones might inherit. For instance the bank balances, property and the personal stuff-one’s treasure trove. Their formula will contain the names of those who win which property. Mentioning their names in the will can also arrange for the care of dependent survivors.

If on the other hand, the person has some commercial kicker or investments in another person’s name, especially relatives and other family members who may squabble over an inheritance, a will can do so much-saying which beneficiaries will inherit these assets when the time arrives. Other provisions of will include designating a gift to a philanthropic institution or another body, which claims that the estate owners must invest in the estate.

The person constructs the testament in a material life and it gets thrown into action after that individual passes away. The will provides privileges and imposes several restrictions against someone. The will names an executor of the will. This executor is responsible for administering the estate. The executor is usually checked by a probate court to see that the instructions are heeded according to the will. 

The will and last testament may also become the basis of an estate plan and are its most important tool for putting ‘through’ the way a deceased person would have desires that the estate be settled.

The will is the governing document that a probate court uses to direct the settlement of an estate, but an estate plan may consist of more than simply a will.

A life insurance policy, qualified retirement plan or brokerage account are examples of assets that do not count as probate assets and instead go straight to the beneficiaries.

Although many people hire a lawyer to help them with their wills, most wills can be made legally binding without this help.

What Shouldn’t Be Included in a Will

• Property that you and another person jointly own
• Funeral arrangements should be in a separate document that the executor or family may quickly access after the death.
• Retirement funds and life insurance policies should have beneficiaries listed on the account papers in order to avoid probate and go straight to the intended recipients.

What are the laws governing the last Will and Testament?

The Indian Succession Act of 1925 governs the last will and testament. The Sub-Registrar of the testator’s locality may register a will in accordance with the Indian Registration Act, 1908. The Will does not have to be registered. Nonetheless, it is advised to register a will in order to shield it from challenge after the testator’s passing. 

What a Will Doesn’t Do

There are several situations after death for which a will isn’t useful.

Disposition of Certain Property

• Property that is jointly tenancy with another individual
• Life insurance policies with specified beneficiaries and assets entrusted to a living trust.
• a retirement plan with specified beneficiaries, such as a 401(k), individual retirement account (IRA) or pension plan.
• Stocks, bonds and other financial assets are kept in accounts with beneficiary paperwork already filled out.
• funds in a bank account designated for payable-on-death. 

Avoiding Probate

Before being dispersed in accordance with your desires, any property that your will specifies should go to specific beneficiaries—whether individuals or organizations—would probably be stuck in probate court for months.

The probate process entails legal expenditures for the executor, the court and a lawyer in addition to time and effort. 

Directing Funeral Arrangements

Funeral planning instructions shouldn’t be included in a will. This is due to the fact that it is typically not reviewed until after death. Make careful to leave funeral instructions in a separate document that the executor or a family member may easily obtain.

Making Conditional Gifts

In some circumstances, gifts given through a will cannot have conditions attached. For example, they cannot be dependent on a recipient’s marriage.

Reducing Estate Taxes

You cannot lower or avoid the taxes that will be due on your estate by using a will.

Leaving Money to Pets

Since pets are not allowed to own property, if you value your dog, cat or other pet, you might want to consider leaving them with a trusted person who will either find them a loving home or provide them one. You can leave money in your will to help that person take care of your pet or pets. 

Arranging Care for Someone With Special Needs

It is best to create a special needs trust in order to offer long-term care for a loved one with special needs. Without compromising the benefits people can also obtain from government programs, the trust can oversee the care and generate continuous revenue.

Last Will and Testament Requirements

Be of Sound Mind

Being over the age of majority, being aware of your property and knowing what it means to give property to others after your death are all necessary for a valid will.

Identify Assets and Beneficiaries

Identifying the assets and property to be bequeathed, along with the names of the designated beneficiaries, is a requirement of a will.

Designate an Executor

An executor should be named in a will to carry out the terms of the will in accordance with the deceased’s desires.

In their wills, parents can also name a legal guardian to look after their minor children. 

Witnesses to Your Signature

A will needs to be signed in order to be deemed legitimate. At least two unrelated people who are at least eighteen years of age must witness the signing of a will in several jurisdictions. To find out this information, check your state’s laws.

Types of Wills

The four main types of wills are the simple will, the joint will, the testamentary trust will and the living will.

1) Simple Will

List your assets and the people who should inherit them in a basic will. Additionally, you can name a guardian and executor for any young children.

A simple will is one that may be completed quickly and easily online with a variety of templates. Make sure you obtain whatever legal counsel you believe you require. 

2) Joint Will

One document including two parties, usually couples, is called a joint will. The other spouse, as specified in the will, is the beneficiary when one passes away. The surviving spouse cannot alter the stipulations, which could be problematic if that spouse’s situation changes.

This inflexibility has led to a decline in the use of joint wills. 

3) Testamentary Trust Will

Unlike a living trust, which takes effect during your lifetime, this will includes one or more testamentary trusts that go into effect after your death and the probate procedure. It is employed when recipients—such as young children and/or people with special needs—need specialized care over an extended length of time. After your death, all or a portion of your assets are distributed by the trust.

4) Living Will

Only your medical treatment and decision-making in the event of your incapacitation are covered by this kind of will. It is a legal document that outlines guidelines for your treatment and, among other things, when medical assistance should be discontinued.

It doesn’t address final preferences like allocating your property to dependents.

To draft a living will that is accepted by the law, you don’t need a lawyer. Actually, you can get living will forms from your state government or from medical facilities. The legal conditions for legitimate living wills vary by state. Before you create one, be sure you understand them. 

Wills vs. Trusts

Although both wills and trusts are crucial instruments for estate planning, they differ significantly. Legal entities known as grantors—also called trustors or settlors—create trusts when they are given assets and give instructions on how to handle them. The trust document appoints a trustee to oversee and allocate those assets to beneficiaries in accordance with the grantor’s intentions as specified in the document.

There are numerous types of trusts and they can be established for a number of purposes. Living and testamentary are the two general categories. A testamentary trust can be established through a will. For the main reason of avoiding probate court, you can also establish a revocable living trust.

A will becomes active only after one’s death. A trust, on the other hand, becomes active the day you create it. Trusts tend to be more expensive to create and maintain than wills. 

What Is a Codicil to a Last Will and Testament?

A codicil is a will’s addendum. It refers to and modifies the will in a different document. A will’s provisions can be altered, added to or removed with the help of codicils. A will and testament can be updated with these modifications, particularly when one’s circumstances change over time. Only the will’s original creator is able to create codicils.

What’s the Difference Between a Last Will and Testament and a Living Will?

The transfer of assets after death has nothing to do with a living will. This legal document, often referred to as a healthcare directive, enables a person to designate another person to make decisions regarding their medical treatment in the event that the person signing the living will become unable to do so while they are still alive and mentally competent. To avoid unnecessary treatments and make wise judgments on the patient’s behalf, healthcare proxies can speak with the patient’s physicians.

Will Form

LAST WILL AND TESTAMENT

I, [Name of Testator],
S/o [Father’s Name]
R/o [Address]
Aged [Age] years, presently residing at [Current Address], in sound disposing mind and without any pressure from any person, do hereby make this will as my last will and testament and cancel all my previous wills and codicils to avoid any dispute or difference regarding my movable and immovable properties after my death.

I. FAMILY DETAILS

I am blessed with the following legal heirs:

• [List of heirs, e.g., wife, sons, daughters or any other relatives, as desired]

All my above-mentioned children are married and well-settled in their respective lives and they have taken good care of me.

II. DESCRIPTION OF ASSETS

I am the owner and in possession of the following movable and immovable properties:

• [Details of movable properties such as bank accounts, vehicles, jewelry, etc.]
• [Details of immovable properties such as land, house, etc.]

III. INTENT AND SETTLEMENT

Life is uncertain and I do not know when God will call me. Therefore, I wish to make a settlement of all my movable and immovable properties during my lifetime to avoid any difference or dispute over the sharing of my properties among my legal heirs.

So long as I am alive, I will continue to be the owner of all my properties. However, after my death, I intend the following arrangements for the distribution of my properties:

IV. BEQUEST AND DISTRIBUTION

I bequeath all my movable and immovable properties to my aforesaid legal heirs as per the following arrangement:

• [Details of how properties are to be distributed among the legal heirs or any other person of choice, including specific shares or possessions]

V. APPOINTMENT OF EXECUTOR

I hereby appoint Mr/Mrs [Name of Executor], S/W/D of [Father’s Name], R/o [Executor’s Address], as the executor of this will. In case of their demise, I appoint Mr/Mrs [Alternate Executor’s Name], S/W/D of [Father’s Name], R/o [Address] as the alternate executor.

VI. CANCELLATION OF PREVIOUS WILLS

I hereby cancel all my previous wills and testamentary documents and this will shall be the only valid document concerning the distribution of my properties after my death.

VII. SIGNATURE AND WITNESSES

Signed on this [Day] of [Month], [Year] in the presence of the following witnesses, who have also signed in the presence of each other and in my presence:

Testator’s Signature: ___________________________
Left hand finger impressions of Testator:

• Thumb
• Index
• Middle
• Ring
• Little

VIII. WITNESSES

1. Name of Witness 1
   Signature: _________________________
   Address: __________________________
2. Name of Witness 2
   Signature: _________________________
   Address: __________________________

Frequently Asked Questions On Will and Testament

Q1. What is a Last Will and Testament?

Ans1. A Last Will and Testament is a legal document that outlines a person’s final wishes regarding the distribution of their assets, care of dependents and estate management after death.

Q2. Why is having a Last Will and Testament important?

Ans2. A Last Will ensures that your assets are distributed according to your wishes, prevents family disputes and names guardians for dependents, avoiding the state’s intervention in these matters.

Q3. At what age should someone consider creating a Last Will and Testament?

Ans3. Anyone over the age of 18 should consider drafting a Last Will, especially if they have assets, investments or dependents.

Q4. What are the different types of wills available?

Ans4. The main types of wills are Simple Wills, Testamentary Trust Wills, Joint Wills and Living Wills, each serving different purposes depending on individual needs and circumstances.

Q5. How does a Testamentary Trust Will differ from a Simple Will?

Ans5. A Testamentary Trust Will includes trusts that go into effect after death and are often used for long-term care of minors or dependents with special needs, while a Simple Will outlines basic asset distribution and guardianship.

Q6. Can a Last Will and Testament be changed?

Ans6. Yes, a Last Will can be updated using a Codicil, which is an addendum that modifies, adds or removes provisions in the original Will.

Q7. What assets are not covered by a Last Will and Testament?

Ans7. Assets like joint tenancy property, life insurance policies with named beneficiaries and retirement accounts with specified beneficiaries are not governed by a Will and pass directly to beneficiaries.

Q8. How does a Will differ from a Trust?

Ans8. A Will becomes effective only after death and handles asset distribution, while a Trust takes effect upon creation and manages assets during the grantor’s lifetime and after death.

Q9. What are the legal requirements for a valid Last Will and Testament?

Ans9. A valid Will requires the creator to be of sound mind, identify assets and beneficiaries, designate an executor and have the document signed and witnessed by at least two unrelated adults.

Q10. Can a Last Will and Testament help avoid probate?

Ans10. No, a Will cannot avoid probate. Assets specified in the Will must go through probate court, which can involve time and legal expenses. Establishing a Trust can help bypass probate.