What is a Will?

A will is a gift of property that will only take effect upon the Testator’s death (Testator is the individual who makes the will).  In order to be valid, a Will must satisfy the following requirements:

• Person making the will must be at least 18 years old
• Must be sound mind
• Must be in writing
• Must be signed by the Testator
• Must be witnessed by at least two qualified witnesses

How does one Revoke a Will?

There are several ways to revoke a will. 

Revocatory Writing – By writing a new will, the Testator can expressly revoke an older one.  If there is no express revocation present, a revocation can be presumed in certain circumstances.

Revocation by Changed Circumstances – A good example would be when the Testator gets divorced.  This act can revoke a gift to the former spouse.

Revocatory Act – The Testator can perform a revocatory act to revoke the will.  (or direct someone else to perform the act, as long as it’s in the Testator’s presence).  Examples wouldinclude burning the will or tearing it up.

What If I don’t want a Will?

There are other options available (it is important to consult with an attorney to determine which option is best for you).  Some examples include

• Intestacy (dying without a will, which allows State law to prescribe who receives the decedent’s property)
• Joint ownership of property
• Pay on Death Accounts (POD), beneficiary designations
• Revocable Living Trusts

What are the basic elements of a Will?

A basic Will includes the following elements:

• Identifies the Testator and revokes prior instruments
• Gives instructions for the payment of taxes, expenses, and debts
• Appoints a Personal Representative
• Grants fiduciary powers to the personal representative
• Has a residuary clause disposing all other property
• Specific bequests, including personal property items with reference to possible separate writing and residential real estate
• Has protective provision, tax allocation clause, and defines the terms
• Designates a testamentary guardian

What is a Trust?

Put simply, a Trust is a right of real or personal property, held by one party for the benefit of another.  There are several types of trusts, each with unique characteristics.  Some examples include:

• Revocable Trust
• Irrevocable Trust
• Express Trust
• Implied Trust
• Irrevocable Life Insurance Trust
• Grant Retained Annuity Trust
• Minor’s Trust
• Charitable Lead Trust

What are the basic elements of a Trust?

A trust typically will have the following sections:

• Introductory Paragraph
• Recitals
• Reservation of Rights and Administrative Powers
• Disposition of Trust Assets
• Appointment of Trustees
• Trustees’ Powers
• Trust Administration
• Rules of Construction/Protective Provisions
• Trust Provisions for Married Grantor
• Making the Document Legal
• Inventory of Trust Assets and Trust Funding

If you questions, please contact us today for a free consultation.  Call 612-370-1406 or click here to e-mail.