Why You Need a Will
Information
Why You Need a WillWHAT IS A WILL?: A will is a writing which makes a testamentary disposition, which is a gift to be made upon the death of the maker. A valid will allows a person to give their property away as they see fit. Consult an attorney to have your valid will prepared. By having an attorney prepare your will, you can have confidence that your property and possessions will be given to those you wish to receive your property.
Are there any requirements to make a Will?There are two (2) requirements to make a will:
Back to TopWhat is considered a sound and disposing mind? SOUND and DISPOSING MIND is a three (3) prong test:
Back to TopWhat do I do if I want to update my Will?An update to a will is called a codicil. For the codicil to be valid it must be executed in the same method as your will. Thus, if an attorney prepared your will, you should see your attorney to update your will. Back to TopWhat is the most common challenge to a Will?In Mississippi over the past thirty ( 30) years the most common challenge to the validity of a will has been UNDUE INFLUENCE. In Mississippi, undue influence is presumed if the will contestants can show:
The presumption of undue influence may be overcome by meeting a very difficult test. Thus, it is important to take precautions to prevent the challenge of undue influence. UNDUE INFLUENCE is most often alleged where the deceased allowed a beneficiary to drive or ride with the deceased to the attorney's office to prepare the will. Another example is a beneficiary being in the room when the deceased made the will. Back to TopWhat if I want to revoke my Will and make a new Will?To revoke all past wills, your new will should contain a statement that it revokes all past wills. As well, by destroying the old will you are physically revoking it. If your new will does not contain a statement that it revokes all past wills, then it only revokes that property devised in the new will. Thus, the old will shall devise that property not mentioned in the new will. However, this problem is most often avoided by the use of a "residuary clause". A residuary clause gives all property not specifically devised to the designated residuary beneficiary. Back to TopAre there any other benefits of preparing a Will?The administrator of your estate must post a surety bond in an amount equal to your total estate. As well, property appraisals must be made for the court, and the court must approve the final disposition of the property. However, if you prepare your will you may designate the executor for the estate. By doing so, you may waive the posting of the surety bond. Additionally, you may waive the property appraisals. By doing so, you are allowing for more of your property to be given to your loved ones. Back to TopWhat happens to my property if I do not prepare a Will?The Mississippi rules of interstate succession shall decide who takes your property if you do not prepare a will. These rules make presumptions as to how you intended your property to be disposed. Back to TopA Will's ChecklistThe following information should be taken to the attorney, when the appointment is for the purpose of having a will drawn up:
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