Although
no one likes to think about dying, there are
good reasons to prepare for this inevitable
event by setting up a plan to distribute one's
estate after death. A person's estate consists
of all his or her property and possessions,
including bank accounts, real estate, furniture,
automobiles, stocks, bonds, life insurance
policies, retirement funds, pensions, and
death benefits. If a person plans well, his
or her estate can be passed on after death
quickly, easily, and subject to fewer taxes.
Wills
A will is the most common document used to
specify how an estate should be handled after
death. Anyone designated to receive property
under a will is called a beneficiary. A will
can be simple or elaborate, depending upon
the size of the estate and the wishes of the
person who makes it--the testator. Many types
of post-death instructions may be included
in a will. A will may dictate who should receive
specific items of furniture, artwork, or jewelry.
A will may name a guardian who will take care
of minor children should there be no surviving
parent. A will even may be used to disinherit
a child if the testator does not want the
child to receive any part of the estate. The
options for what a person can do with a will
are varied, but there are limitations.
Requirements
for a Valid Will
Each state sets different formal requirements
for the creation of a legal will. In California,
a person must be at least 18 years old in
order to make a legal will. In addition, he
or she must be of sound mind, which means
that the individual has no mental disability
that prevents him or her from understanding
the full nature of the document he or she
signs.
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