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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 that estate planning is really not necessary is patently false.
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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 in your presence.
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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.
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The best way to learn about wills and other estate planning devices is to sit down and discuss your options with a licensed estate planning attorney. If you are ready to do just that, we are here to help.
You can send us a message to request a consultation appointment, and we can be reached by phone at 802-879-7133 in Vermont. There is also a contact form on this website that you can use to send us a message.
