December 10, 2010

You Must Have A Will If You Have Kids

To Protect Your Children

If you have children, and even if you are still relatively young and healthy, it’s essential to have a valid and up-to-date will.

While it’s not pleasant to think about that possibility, there are certain arrangements that you should take now to ensure that your family is in good hands if both you and your spouse die.

Tutors and Life Insurance

Thus, in addition to clearly outlining your last wishes in your will, you should also appoint one or more tutors to take care of your loved ones if necessary. Adequate life insurance coverage is also desirable.

Holograph Will

It’s possible to have a will without spending a dime: it’s called a holograph will. Your holograph will shall be entirely handwritten and signed by you, the testator. So forget the computer or typewriter for this type of will.

A holograph can be contested and his subject to probate by Court after your death.

It’s also possible to make a will in the presence of witnesses. Two witnesses are required and handwriting is not mandatory except for the signing part. This type of will is still subject to probate after your death.

Authentic Will or Notary Will

Formal, the authentic will or notary will is made before a lawyer or a notary in the presence of a witness or in certain cases, 2 witnesses. If your situation is more complex or your assets are substantial enough, an authentic will is almost mandatory.

The authentic will takes effect immediately upon death. That way, you avoid complications and dispute!

As we grow old, the authentic will becomes more and more necessary. The chances it will be needed are more likely. At 50, your situation is usually more stable, then make sure you have a good authentic will. You should not have to change it until your death.

In Case Of Incapacity Mandate

Regardless of the time at which you decide to opt for the authentic will, take advantage of this opportunity to have your law professional prepare your incapacity mandates.

For basic situations, your lawyer or notary should be able to provide you with all these services (wills and mandates) for about $500. It could add up to several thousand dollars for more complex situations.

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