Business Law Chapter 40 Wills and Intestacy “Where There is a Will There is a Way”

What is a Will? A legal document written while someone is alive that indicates what they wish to have done with their possessions when they die. A legal document written while someone is alive that indicates what they wish to have done with their possessions when they die.

Writing a Will Wills may be written with or without the aid of an attorney. Wills may be written with or without the aid of an attorney. Only one copy should be signed. That copy should be kept in a secure place with a trusted individual. Only one copy should be signed. That copy should be kept in a secure place with a trusted individual. You cannot will items you do not own. You cannot will items you do not own.

Writing a Will Example: Example:  “To Joel, a student in my business law class I leave the sum of One Million Dollars.”  I don’t have a million dollars, so it would not be possible to execute on this will.

Changing a Will A will can be changed at any time simply by writing a new one. A will can be changed at any time simply by writing a new one. A will can also be amended. A will can also be amended.  Amendments are called a codicil.

A Will Should be in Writing To be legally accepted a will must be in writing. To be legally accepted a will must be in writing.  Some states limit how much property can be distributed based upon oral wills. The Will must be signed in front of witnesses. The Will must be signed in front of witnesses.  The signature can be anywhere on the document.

A Will Should be in Writing A Holographic Will is one written in the handwriting of the deceased. A Holographic Will is one written in the handwriting of the deceased.  The term for the individual is the testator.  No witnesses are required for a Holographic Will. There can be many copies made of a will, but only one should be signed. There can be many copies made of a will, but only one should be signed.

Carrying Out a Will The person in charge of meeting the terms of the will is the Executor or Executrix The person in charge of meeting the terms of the will is the Executor or Executrix After the testator dies the will is filed for probate After the testator dies the will is filed for probate Probate is the court-supervised procedure that proves or validates the will. Probate is the court-supervised procedure that proves or validates the will.

Intestacy If some dies without a will they are said to have died in intestate. If some dies without a will they are said to have died in intestate. The laws of the state determine the distribution of the property. The laws of the state determine the distribution of the property. The person in charge of this type of estate is the Administrator. The person in charge of this type of estate is the Administrator.

Intestacy Although laws vary by state here are some general rules: Although laws vary by state here are some general rules:  The spouse gets ½ or 1/3 of any personal property  The balance is then divided equally among the children.  If a child dies their share is divided among the grandchildren  Adopted children have the same rights as naturally born children.

Spousal Rights In some states you cannot disinherit a spouse In some states you cannot disinherit a spouse These laws vary by state and many states have different rules for widows and widowers These laws vary by state and many states have different rules for widows and widowers

Rights of Children If a child can prove that their omission in a will was unintentional they can receive a full share of the estate. If a child can prove that their omission in a will was unintentional they can receive a full share of the estate.  If the omission was intentional then the child will get nothing.

How do you prove intent? To my son Michael who always had his hand out but was never around when there was work to be done. To my son Michael who always had his hand out but was never around when there was work to be done. To my son who spent 15 years in college getting a four-year degree. To my son who wrecked the family car and ran up $ 20,000 on my charge card treating his friends. To my son who spent 15 years in college getting a four-year degree. To my son who wrecked the family car and ran up $ 20,000 on my charge card treating his friends. To my son Michael who said I would never remember him in my will….. To my son Michael who said I would never remember him in my will…..  Hello Michael!

That’s all folks! Quiz Tuesday