Everything You Need To Know About the Last Will & Testament

You are receiving this email because you signed up to receive Bob Carlson's free e-letter Retirement Watch Weekly, or you purchased a product or service from its publisher, Eagle Financial Publications. [Carlson's Retirement Watch Weekly] [Retirement Reports](www.retirementwatch.com/retirement-resources/) [Retirement Articles](www.retirementwatch.com/retirement-articles/) Brought to you by Eagle Financial Publications Everything You Need To Know About the Last Will & Testament by Bob Carlson Editor, [Retirement Watch]( 11/12/2023 SPONSORED [Prediction: The Most Lucrative Investment of Q4]( [image]( One of America's top financial advisers with over 34 years of experience makes a shocking forecast. Tim Melvin is a financial adviser to millions with a knack for going against the crowd and winning. And today, he is going public with his #1 stock for the $4.5 trillion energy revolution - and if you haven't heard of this company before, you soon will. Melvin says, this stock will grow as Biden's America spends on radical energy policies. It's a company that's in control of 25% of North America's energy. [Click here to learn more about his #1 stock.]( [CLICK HERE...]( Fellow Investor, [Bob Carlson]There’s a lot more to know about wills than many people realize. The additional knowledge can often result in a much improved estate plan. Let’s first review some basic terms and concepts of the will. A will is a written statement of your instructions and intentions regarding your estate. The phrase “last will and testament” is anachronistic. In old common law, a testament directed how a person’s personal property was to be disposed, while a will directed the disposition of real estate. Now, a will covers both types of property plus other issues. To be valid, a will generally must be written with the testator’s signature witnessed by two or more disinterested people. About 20 states allow oral wills, but only under limited circumstances. A few states recognize handwritten wills, also known as holographic wills, without witnesses in limited circumstances. When you leave property to someone under the will, that’s known as a bequest and the person receiving the property is a beneficiary. The maker of the will is the testator. The person who oversees administration of the estate and compliance with the terms of the will is known as the executor, administrator, or personal representative, depending on the state. Probate is the process under which your will and estate are administrated and settled. Some states have a separate probate court, while in others, a family court or the regular district or circuit court handles probate. Dying without a will is called dying intestate. When someone dies intestate, state law determines how the estate is distributed and the court appoints someone to act as executor. More than property The main purpose of a will is to direct how you want property distributed, but you can include other directions. You can appoint one or more people to serve as executor. Often the court accepts the appointment, but it might not be required to do so. If you have minor children or dependents, you can designate their guardian or guardians. If you don’t, state law will determine who becomes responsible for them. You also can include any desires you have concerning the funeral, memorial service and what’s done with your body. In some states, these directions are binding, but in others, they are treated as suggestions and preferences. Disinheritances In the will, you can disinherit anyone who might be considered a natural object of your affection or who would inherit under state law if you had died intestate. The only exception in all states is your spouse. Spouses generally inherit a minimum portion of the estate (usually one-third or two-thirds) unless the right is waived in a valid premarital or post marital agreement. There are different reasons for disinheriting someone. A child who’s done well financially and doesn’t need additional wealth might receive a small bequest or none, especially when other children could use the support. Or an inheritance might be provided outside the will, such as through a trust, life insurance, or jointly owned property. Of course, someone might be disinherited because he or she is estranged from the testator, has been irresponsible with money, or has substance abuse or gambling problems. To most effectively disinherit someone, name the person in the will and state that you knowingly and intentionally aren’t leaving them anything. You can provide a brief reason, but you don’t have to. If you don’t do this, the person could argue in court that leaving them out of the will was unintentional. An alternative is to leave the person a modest bequest and have an anti-challenge clause in the will, as explained below. Will challenges A will can be challenged by anyone who claims to have an interest in your estate. Usually, a challenge is from a relative or someone claiming rights under state law or a promise or contract. Will challenges often allege that someone exerted undue influence over the testator or that the testator had diminished mental capacity. Sometimes a challenge alleges there’s a technical fault in the will, such as that it wasn’t properly witnessed. Challenges argue that a prior will or state law should be followed. The potential for a challenge can be reduced by adding an anti-challenge or in terrorem clause, saying that anyone who challenges the will and loses doesn’t receive anything from the estate. Most states allow such clauses. To make the clause more effective, leave a potential challenger a modest bequest that’s large enough he or she doesn’t want to risk losing it. You also can take steps to establish your mental competence, such as making a video version of the will or have a doctor’s exam near the time you execute the will. [The Attack on Your Retirement Is Escalating]( [image]( A crippling law – one that most Americans still haven't heard about – gives Uncle Sam the green light to rob your retirement blind for years and decades – without you even noticing. [Click here]( for my alarming video to learn the full findings... and, most importantly, what you can still do about it. [CLICK HERE...]( Doesn’t cover everything Many assets aren’t transferred under the terms of your will and also avoid probate. Every time your will is reviewed, also consider how these assets are distributed. The original copy is important. Many states require the original copy of the will to be filed for probate. A photocopy can be submitted only when an original isn’t available, and the court won’t have to follow the copy as closely as it would an original. Also, not having the original makes it easier for a will to be challenged. Keeping a will in a safe deposit box at a bank or other financial institution can cause problems when the testator is the only one legally authorized to have access to the box. After the testator dies, bank policies and state law determine who has access to the box. Sometimes a court order is needed. It is better to keep the original will in a waterproof and fireproof safe in your home or other accessible location. Wherever you keep the will, be sure the executor and key family members know where it is and can gain access to it. Trusts and wills work together There are several ways to integrate your will with one or more trusts. You can create a trust in the will. Suppose you want assets to benefit your children, but they are minors or financially unsophisticated. Your will can state that the property will be transferred to a trust for the children’s benefit. The trust agreement can be attached to or be a section of your will. You can create a revocable living trust to hold and manage most of your property during your lifetime. After you pass, it converts to an irrevocable trust. Your will can state that property covered by the will is transferred to the trust. Or you can create a trust during your lifetime but transfer few or no assets to it. In your will, you direct the executor to transfer assets to the trust. These last two arrangements often are known as pour-over trusts, and the will might be referred to as a pour-over will. Strings and conditions of the last will & testament You can put any condition on a gift or bequest, as long as it isn’t against public policy. Courts generally have allowed any restriction that isn’t race-based and doesn’t violate or encourage the violation of a law. Some conditions that have been found enforceable include bequests contingent on the beneficiary’s being married, staying married or being employed. There’s a question of who will enforce restrictions that apply over time instead of at a point in time. But usually such will provisions are valid. To a better retirement, [Bob Carlson] Bob Carlson Editor, Retirement Watch Weekly Editor’s Note: Four new wealth destroying disasters are hurtling towards your wealth. They could crush your estate as soon as next month... next week... even tomorrow. And each has the power to wipe out your retirement savings as well. Once you recognize these four dangers, each can be stopped in its tracks with a simple solution. [So, click here for quick, easy answers.]( SPONSORED [A.I. Is Reshaping Investing: Are You Prepared?]( [image]( Traditional investing is out the window – A.I. investing has arrived. This dual-patented generative A.I. can predict market trends 1–3 days in advance. [Join this FREE online A.I. training class to learn more>>]( [CLICK HERE...]( Want More Retirement Advice? Check out my website, [RetirementWatch.com](, where you’ll find hundreds of free articles covering every aspect of retirement planning. Popular Posts: [Marital Deduction - Dos and Don'ts]( [The Overlooked Triple Tax Saving Tactic]( [10 Basic Rules for Every Estate Plan]( [How to Vary Spending During Retirement]( New to the Retirement Watch Community: SeniorResource.com Back pain can be an uncomfortable and even debilitating experience. It affects millions of people worldwide. Research indicates that a significant percentage – up to 85% – of older adults experience musculoskeletal pain, with an estimated 70% of seniors specifically dealing with back pain. Fortunately, there are effective ways to alleviate and prevent back pain. [Click here for five helpful tips that can make a significant difference in managing back pain.]( About Bob Carlson: [Bob Carlson]Robert C. Carlson is the author of the books The New Rules of Retirement and Retirement Tax Guide, editor and investment director of the popular retirement newsletter, Retirement Watch, and editor of the free weekly e-letter, Retirement Watch Weekly. Bob is a frequent speaker at investment conferences around the country, and you can also hear Bob as a featured guest on nationally-syndicated radio shows, such as The Retirement Hour, Dateline Washington, Family News in Focus, The Michael Reagan Show, Money Matters and The Stock Doctor. About Us: Eagle Financial Publications is located in Washington, D.C. – only a few blocks from the Capitol. Our products have been helping investors build their wealth for several decades. Whether you’re a long-term investor or short-term trader, you’ll find the right strategy for you, including how to earn more steady income to spend now, preserve and grow your capital to enjoy later, and whatever other investment goals you have. 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