Does "estate" refer to EVERYTHING (savings, stock, etc.) in the person's name? Or does it only refer strictly to property? Also, I know it has to be signed with witnesses and notorized, but is that it? Does the will need to be reviewed by a lawyer or filed with the county?
2007-03-03 15:33:13 · 7 answers · asked by preciousjules 1 in Politics & Government ➔ Law & Ethics
Unless it is really obvious your will has room in it for enough errors to make life miserable for your heirs (like if your kids end up with no money to live on). You can often find lawyers who will do a will pro bono (for free to ease their guilty consciences) if you can't afford to pay. Otherwise a simple will could cost about $50 including having authoritative answers to any questions by someone who really knows.
Your will covers not only what you own (your "estate") but also how to pay what you owe (including for your burial and any unpaid debts and your taxes), who will take care of your minor children after you die, who gets things with sentimental value (engagement ring to your daughter or your tool collection to a son who always admired it), and what charities will get anything leftover. If you have an ideas about whether you want a plain or fancy funeral the will is a good place to state them. (Also if you want to shaft a relative that was mean to you in the past a will is a bad place to mention that).
2007-03-03 15:55:35 · answer #1 · answered by Rich Z 7 · 0⤊ 0⤋
Your estate is the whole of your possesions and debt. So everything is your estate including your personal possessions, savings, stock, retirement, life insurance, etc. You can find a notary at your bank or law office. They will notarize your will for free.
A holographic or hand written will is legal in most states but for your protection you might want to have it reviewed by an attorney if there are many heirs or many assets to be distributed.
Also, in some states, the will may be filed with the county but some states do not require this. You can call your local courthouse and talk to someone in probate for details on filing wills in your state/county. I would make sure that my executor or executrix has a copy of your will, particularly any living will executed by you.
2007-03-03 15:47:39 · answer #2 · answered by soplaw2001 5 · 0⤊ 0⤋
Your estate consists of everything that you own, including real and personal property, cash, securities etc. Your will is a document in which you can specify how your assets are to be disbursed after the liabilities are paid. Typically a will is filed as part of the probate process. While it is not required to be reviewed by an attorney, it is a good practice, since most people are not experts on the intricasies of the law. Small estates with few assets and few beneficiaries may be covered by a stationary store pre-printed form, however as the value of the estate increases and / or the number of beneficiaries is larger, you may find that a competent estate planner is a worthwhile investment both to protect your assets and decrease your tax exposure while you are alive as well as to protect those whom you would like your estate to benefit after you have died. Most communities have lawyers who will draw up the necessary papers for a reasonable fee.
2007-03-03 16:15:25 · answer #3 · answered by Mark W 1 · 0⤊ 0⤋
The definition of "estate" is very vague as each state has it's own definition as well as each county, city, etc. The will does not "have to be reviewed by a lawyer", but it should be. One misplaced word in a will can cause it to be considered void/not valid by the state. If that happens, the will isn't worth the paper it was written on. As to where or even if it must be filed greatly depends upon the state. Don't accept the answers here to be fact until you speak to an attorney. Call you local Attorney General's office and they can tell you if it needs filed and where. But you SHOULD get an attorney to write it up.
2007-03-03 15:47:37 · answer #4 · answered by Need Answers 3 · 0⤊ 0⤋
Office Depot has will type documents that would be for your state. They have an instructions flyer with it. You should contact your county seat and see if your will needs to be recorded. Find a Notary Public and get it notarized. They usually charge a small fee.
Oh and everything you put on the will is your estate.
2007-03-03 15:38:53 · answer #5 · answered by bamafannfl 3 · 0⤊ 0⤋
Why would you not have a lawyer do your will? I mean, you would not perform a life saving surgery on yourself would you? If you are doing your will, you need a lawyer to look at it. My company offers a will for you and your spouse, done by a lawyer, plus yearly updates. You should consider something like that!
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2007-03-03 15:55:10 · answer #7 · answered by Bailiff 1 · 0⤊ 0⤋