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ALABAMA A&M and AUBURN UNIVERSITIES

For more information,
contact Donna Reynolds, Extension Assistant Editor

This is the 4^th in a series of articles dealing with the concerns of older Alabamians.

A WILL IS THE CORNERSTONE OF MOST ESTATE PLANS

AUBURN, SEPT. 10---Even though there are many estate-planning tools, a will is the cornerstone of most estate plans.

A will is a written legal document that names the persons who are to receive your property upon your death. States differ on the requirement of a valid will. For instance, some states require three witnesses. The state in which you reside - your domicile- will determine the validity of your will for all property, except land you own in another state.

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.

A valid will in the state of Alabama requires:

A person making the will (the testator) be at least 18
The testator be of sound mind at the time the will is signed
The will be in writing
The will be dated
The will be signed by the testator or by some other person in the testator's presence and by his or her directions
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's 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
Clarify your family situation
Determine the financial condition of your estate
Determine your own personal desires
Select your executor (executrix) and a contingent executor (person who administers your estate at your death)

Who should make a will? Many 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 few assets now, that situation could change.

Review your will on a regular basis and change it as state or federal laws orfamily 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 can best be 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. Don't forget to inform your executor (executrix) where your will is. 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, program specialist, Alabama Cooperative Extension System, (334) 844-3243.