Yes, and one of them would be used in conjunction with a revocable living trust. If you were to create one of these trusts, you may have some assets in your direct personal possession at the time of your passing. A pour over will would allow these assets to be absorbed by the trust after you are gone. Another will that should be part of every estate plan is a living will. In this document, you state your preferences with regard to the utilization of artificial life-support measures. … [Read more...] about In addition to the standard last will that is used to transfer assets, are there any other types of wills?
In order for a will to be valid, it must be executed by an adult that is of sound mind. One of our offices is in Vermont, and in this state, you must sign your will in front of two witnesses. The witnesses must also sign it in front of you, and in front of one another. In the Empire State, you have to sign or acknowledge the will in the presence of two witnesses. You are also required to declare to these witnesses that the document is in fact your last will. Finally, they must sign the will … [Read more...] about What are the legal requirements for a valid last will?
There are intestacy laws on the books that would hold sway if you were to pass away without a will or any other estate planning documents. Your final debts would be paid, and ultimately, the assets that remain would be distributed in accordance with the intestate laws of succession. Under these circumstances, it is very possible, if not likely, that your resources would not be passed along the way that you would have preferred. This is one major negative, but there are others, so the idea … [Read more...] about The state will step in to take care of everything if you die without a will, right?