Who Can Prepare A Will?
Anyone of sound mind and body can prepare a Will. This generally means someone who is an adult (over the age of eighteen or the age of majority of the state where the person resides) as well as someone who is not declared to be legally incompetent by a state or federal court. A minor cannot prepare a Will, nor can anyone who has a guardian appointed for them.
What Is An Executor?
An executor is the person who collects all the assets and debts of the estate and seeks to carry out the directives of the Will.
What Happens If A Person Dies Without A Will?
If a person dies without a Will, he/she will be considered to have died intestate. In this case, property will be distributed by the states laws. Often, the surviving spouse will get a portion of the estate along with any children. If a person dies without a Will and without any trace of any heirs, all property will be turned over to the state.
What Should I Do With My Will After I Sign It?
You will need to place the original Will in a safe place, and make several other copies to give to friends and/or family members for safekeeping. A good place to keep a Will is in a bank safe deposit box or at some other institution where there is less chance of your Will catching fire, being stolen or otherwise getting destroyed.
What Is A Codicil?
A codicil is a document that is used to explain, change, add to, or take away from, the existing will. It is not meant to contain the entire will itself, nor is it meant to totally revoke a prior will. The codicil serves to make changes to the existing will without having to rewrite the will entirely.