![]() Identify your assets in your last will and where you’d like them to go after you pass away. They can be real assets (tangible personal property, land, and houses) or digital assets (such as online accounts, social media accounts, domain names, and money in various online accounts). This payment can be a percentage of your estate or a flat or hourly fee. You may arrange for someone to pay the executor for their time. The document should also name a backup executor if your first-choice executor dies or can’t fulfill their role due to any reason, like suffering from a mental health condition. The executor is the person who will settle your affairs and carry out your last will in its entirety. The main areas that you need to pay attention to in a last will include the following: Appointment of an Executor If, however, you have extensive wealth or complicated concerns, a lawyer can help you navigate your bequests’ legal and tax implications and preferences. A will is legally valid if it meets your state’s requirements. ![]() Control of your digital property and online accounts may go to someone you might not trust or know well.Įveryone should consider having a last will and testament as part of their estate plan to take care of their property and remaining assets when they pass away.Īccording to the American Bar Association, you don’t have to use a lawyer to write your will.The courts may appoint an unwanted guardian for your children, elderly parents, or pets.You have no say over your funeral, including financing it and the handling of your remains.Your relatives may argue over who receives what, causing rifts in the family.Your children might not receive your inheritance, as it may go to a spouse instead.You have no control over who inherits your property.You need a last will to choose what happens to your property and loved ones after you pass away. If you die without a will (known as dying intestate), your state’s laws define who gets your property and who cares for your children. Some states have exceptions and allow some people, such as married individuals or individuals in the armed forces, to make a will when they’re younger than the established legal age. The legal age is at least 18 in most states. You must be old enough to make or witness a will or serve as an executor. Decide how you want your family members to conduct your funeral.Name an executor (or a personal representative).You can use it to instruct your family members and the probate court. Key Terms Relating to a Last Will and TestamentĪ last will and testament outlines what should be done with your property and other affairs after you pass away.What Happens If You Don't Have a Last Will?.You must also have two witnesses who aren’t on your will to observe your signature. The below instructions detail the common form probate process, the less formal and more frequently used option.A legally valid will must be a written document stating that it’s your will with your signature and a date. There are two types of probate in Mississippi common form and solemn form. ![]() However, if 40 days pass after the testator’s death and no one files the will, the court may appoint someone to act as administrator and initiate the probate process. There is no time limit to file a will in Mississippi. Signing Requirements – A will must be signed by the testator (or a party acting under their authorization) and two credible witnesses. Revocation – A will is revoked if the testator destroys the original document, executes a new will, or drafts a written statement revoking the will. Holographic Wills – A handwritten will needs only the signature of the testator to be considered valid. ![]()
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