Tips for a Will That Include a No-Contest Clause
In addition to naming an executor and designating a beneficiary, you should also include a no-contest clause. This can prevent anyone from challenging your will and protect the parties involved. Whether you are writing a will for yourself or for a loved one, it is best to have a family meeting before you make the final decision. This way, no one will be surprised when it comes time to pay the bills.
Conditions to include in a will
The legal definition of a will is a document that declares the wishes of a deceased person for their estate after death. Typically, a will allocates possessions to loved ones, but there are some conditions that you can include in your will. One example is naming a specific person to inherit a piano, which you can include in your will. You must also be of legal age and sound mind to make a will. It must be in writing, signed by the testator and two witnesses, and notarized. While conditions for a valid will vary from state to state, New Jersey recognizes handwritten wills.
Trust Litigation Attorney Appointing an executor
A will appoints an executor to administer the estate of a deceased person. This person’s primary responsibility is to find and distribute the deceased’s assets. These assets may include social security payments, Blue Cross reimbursements, bank accounts, securities, artwork, and pension plans. In some cases, the assets are readily accessible and can be stored in the deceased’s home or a safe deposit box.
Including a specific person in a will
If you have a business, you can include a clause in your will that grants a specific person the right to live in the business’s property for a specified period of time, usually life. For example, a clause could state that the business’s shares will go to a specific person if the owner dies before the designated person reaches a certain age or remarries. This clause would also cover any specified property that belongs to a certain person, such as pets.
Including a no-contest clause
Having a no-contest clause in your will is important to help prevent family disputes. Many people have family members who disagree on who should receive a particular share of their estate, which can cause strife among the family. Even if a will is properly drafted, there may be beneficiaries who feel entitled to more of the inheritance than they deserve. This can lead to a great deal of family drama and legal fees.
Including a power of attorney for incapacitated
While the benefits of a durable power of attorney for incapacitated beneficiaries outweigh the risks, this type of document is often not discussed enough. The problem with making decisions on the spot is that they can cause delays, confusion, and even conflict among family members. In addition, an insufficiently drafted POA can lead to a court appointed guardianship, which can be expensive, time-consuming, and unpleasant. If you want to avoid guardianship, include a durable power of attorney in your will.
Keeping a will up to date
Keeping a will up to date is crucial if you want to ensure that your beneficiaries get the inheritance you desire. If you fail to do so, your beneficiaries may not receive the inheritance you intended and they may have false expectations. This can cause will contests and family disputes, causing a great deal of court expense. However, updating your will can make your estate more tax-efficient as well. If you are considering updating your will, here are some tips to keep in mind.
