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Do You
Have a Will?
Auburn, Feb. 28,
2002---Do you have a will? If not, you need to make one,
especially if you own property or have children.
A will is a written
legal document that names the persons who are to receive your
property, including finances, upon your death. States differ on the
requirements of a valid will. Some states require two witnesses, and
others, three. The state in which you live -- your domicile --
determine the validity of your will for all property, except land
you own in another state.
Many people think a will
is only for the rich or elderly. However, if you die without a will,
state law determines how your property will be distributed. This may
or may not be how you wish your property to be distributed. Even
though you may have what appears to be a few assets now, that
situation could change.
To name a beneficiary
for that land, you must follow the requirements of the state where
the land is located. Therefore, it's wise to have the will witnessed
by three people to ensure its validity in all 50 states.
In Alabama, a valid will
requires:
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A person making the
will (the testator) be at least 18 years old
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The testator be of
sound mind at the time the will is signed
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The will be in
writing
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The will be dated
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The will be signed
by the testator or by some other person in the testator's
presence and by his or her directions
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The will be signed
by at least two witnesses who either witnessed the signing of
the will or the acknowledgment of the signature of the will.
It is smart to have an
attorney competent in developing and executing estate plans,
prepare your will. You can minimize attorney fees by preparing,
organizing and managing the following information.
-
Identify your goals
and objectives for your family and business
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Clarify your family
situation
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Determine the
financial condition of your estate
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Determine your own
personal desires
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Select your executor
and a contingent executor to administer your estate at your
death
Review your will on a
regular basis, and change it as state or federal laws or family
and financial situations change. For
example: If you marry or divorce, or if children are born or are no
longer minors, you may want to rewrite your will. You may need to
make changes in it if a beneficiary dies, a child or grandchild is
adopted, or you inherit substantial assets.
Don't write on the will.
Changes are best made in a codicil or in a new will. A codicil is a
separate document in which you state the changes to make to the
original will. The provisions in the original will continue to be
valid, except as amended by the codicil.
The requirements for the
execution of a codicil are the same as for a will.
Keep your will in a
safe, secure place. You may wish to talk with your attorney about
the best place to keep your will. If you keep the will at home, a
fireproof file cabinet or safe where you keep other important
papers, is a good location. You also may want to reveal its location
to other trusted relatives.
If your will is
destroyed, even accidentally, the assumption will be you destroyed
it intentionally, unless your executor can prove otherwise by clear
and convincing evidence. Accordingly, your property will be
distributed as if you had died without a will.
SOURCE: Dr. Jo Turner,
Professor, Family and Consumer Economics, University of Florida. Dr.
Turner is a former Extension program specialist with the Alabama
Cooperative Extension System.
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