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Family Law 2017: Important Things You Must Consider When Writing a Will You last will and testament is a legal document that sets out the directions of the drafter on how your properties will be distributed after death. A last will may come in oral statement or handwritten form, whereas a living will refer to a legal document describing the preferences of the drafter when deciding on medical treatment in the event he is unable to tell or communicate his wishes due to sickness or injury. A simple will refers to a formal written documents following the state’s legal requirements of the state in which the will is drafted, including signatures and witnesses. The elements of a simple will includes an introduction and declaration, identifying the drafter, his intention to make the will and testament, a bequest clause stating how the property must be distributed, and a residuary clause disposing any leftover assets, together with the names of the executor, guardian for the minor children of the testator, and the individual who will see the will through the probate process. A complex will pertain to the complex estate including all provisions found in a simple will, and it may include establishing of the directions or trusts for the state to operate a business or collect debts owed to the testator. When a divorce or prenuptial agreement impact the will’s terms, or where the real estate is large to warrant property distribution and estate taxes, a more complex and detailed last will and testament may be required. When it comes to making a will, you need to take into consideration your debts, assets, beneficiaries, executors and guardians, and special circumstances. Creating a list of all your debts is important to determine if you have enough cash to cover your student loans, equity loans, car loans, credit cards, mortgages, medical bills, and personal debts. It is also important to list all of your assets such as bank and investment accounts, real estate, retirement accounts, and valuable personal property such as musical instrument, artwork, antiques, and firearm collections. When it comes to your beneficiaries, they include your immediate family, relatives, trusted friends, and organizations or institutions that you like to support. You can designate an executor of your last wills such as a family member who has knowledge about fiscal matters, a trusted business person or banker. It is also important to indicate the name of the guardian of your minor children, and also adding an alternative guardian or executor if your first choice is unable to serve on the time of your death. Special circumstances include the last will and testament for a child with special needs, exclusion of a child or grandchild from a will, any arrangement for the care of your pets or livestock, or the person who will replace the CEO position of a large company.5 Key Takeaways on the Road to Dominating Services

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