The Basics of Creating a Will and the Different Types to Consider
TLDR Creating a will is not as complicated as it may seem, but it is important to have an attorney review it. Different types of wills include oral, deathbed, holographic, and DIY wills, but the most legally binding will is one drafted by a lawyer.
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Wills are not super complicated to draw up and can be done yourself, but it's important to have an attorney look over it; the bare minimum requirements for a will include names of spouse and children, revoking any other wills, naming an executor and alternate, and instructions for distributing assets and paying debts.
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Burial instructions should be kept separate from a will, as the will may not be immediately accessible and can slow down the process, and it's important to choose an executor who is trustworthy, smart, and has a good bedside manner.
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Different kinds of wills include oral wills, deathbed wills, and holographic wills, but not all states recognize holographic wills as valid.
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Different types of wills include oral deathbed wills, holographic wills, and DIY wills, but the most ironclad and legally binding will is one that is drafted by a lawyer and includes signed affidavits from witnesses.
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Challenging a will can be difficult, but some reasons for challenging a will include forgery, not meeting state requirements, coercion, fraud, or the beneficiary not being suitable as the executor, and if a will is rejected, state law determines how the estate is distributed.
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The beneficiaries of a will receive bequests from the testator's will in probate court, and they may be subject to estate taxes depending on the amount inherited.
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Setting up a trust is a good way to potentially pay fewer taxes and keep your assets out of probate court, and it is especially beneficial if you have a minor in your family.
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People have left unusual requests in their wills, such as leaving one dollar bills, funding an opera, giving shares of a rubber boot company, turning ashes into frisbees, mixing ashes with ink for a comic book, and leaving money for the care of a cat or dog.
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