Almost everyone will be involved in estate planning at some point, and understanding the basic components of a Will is always a good idea. A valid will is needed to dispose of one's property at death. Without a valid will, (dying intestate), the state decides who gets your property, and that priceless antique you promised to your granddaughter may never go to her.
Requirements for A Valid Will
There are certain requirements that must be met in order to write a valid will; The required minimum age to make a valid will is usually 18 or 19 years old, and this age requirement will vary from state to state. A person who makes a will is called a testator (male), and testatrix (female). They must provide proof to their state that they have testamentary capacity, which means that: they understand what they are signing;they understand what type and how much property they own; they understand who are the "natural objects of his or her bounty", and they must know who are the members of their family.
The will must be in a form that is valid in the state where it is executed. There are three basic types of will forms: The typewritten or witnessed Will is the most common will prepared and executed, and recognized in all states. The holographic Will is a handwritten document written by the will maker and does not require witnesses or notarization, and is recognized by some states. Finally, the nuncupative Will is an oral Will, recognized by only a few states. Since it was originally set-up orally by the testator, the state may require a written accompanying document. This will requires that there be at least one witness.
Requirements for Execution
The testator (testatrix) must be able to sign (execute) the will. If unable to sign, an appointed proxy will sign on their behalf. Witnesses must be present to sign, and to verity the testator's signature and testamentary capacity. Most states require only two witnesses. Finally, the witnessed will must be signed in front of a notary public, who also signs and places their notary seal on the document.
Types of Wills
The simple will is most common type, a single document executed by one person. The joint will is a single document executed by multiple people, usually husband and wife. A single or multiple document which is executed by two or more people is known as a mutual will. The people involved contract with each other to leave property in a certain manner.
