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Estate Planning Last Will & Testament

Estate Planning Last Will & Testament
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1 Last Will and Testament

A will is a legal declaration where a person, the testator, names one or more people to manage his or her estate and provides for the transfer of his or her property at death.

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2 Codicil (Modification to Will)

From time to time, circumstances may require a change in your will. In order to update your will, you don't need to rewrite the entire thing. All you need to do is create a codicil (modification to the will) and specify what part of the will you would like changed. Reference the location and the specific language you will be affecting. Be as clear and precise as possible to avoid undue complications. This form is not a substitute for legal advice. When making a codicil, it is highly recommended to seek the advice of a qualified estate planning attorney to avoid complications and assure that your codicil states your modified wishes.

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3 Children's Trust Will

This will provides for the spouse of the will writer to receive most everything upon the trust writers death. However, the significance of this will is that upon death of both spouses this will provides for the care and maintenance of children of the spouses. This will does not set forth who will be the guardian of the children.

This Children's Trust document is for married people with one or more children. The document is broken down into three parts. The first part recites general information. The second part recites information relating to appointing a guardian for your child(ren), and the last part gathers information relating to the disposition of tangible personal property.

Once you complete all three parts and after you print the Children&'s Trust, you will need to have it signed by two witnesses and notorized before taking it to your attorney.

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4 Transfer Under Uniform Gift to Minor Act

Under the Uniform Gift to Minors Act (UGMA) or the Uniform Transfer to Minors Act (UTMA), depending on which law applies in your state, an account can be established for a child. The purpose of the account is to permit someone to make gifts or transfers of property to a minor without setting up a trust. The transfers made to this type of an account are considered an irrevocable transfer to the minor in whose name the account is registered. Use this document to transfer gifts or property to a minor through a UGMA or UTMA account. Once you complete all three parts, you will have a Children's Trust that you can print. After you print the Children's Trust, you will need to have it signed by two witnesses and notorized before taking it to your attorney.

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5 Codicil to Will (To Add Child/ren)

When you have a new child, it is important to update your will to include your new child, so that he or she is included, and to avoid unnecessary probate expenses. In order to update your will, you don't need to rewrite the entire thing. All you need to do is create a codicil (modification to the will) and specify what part of the will you would like changed so that your new child is included. Reference the location and the specific language you will be affecting. Be as clear and precise as possible to avoid undue complications. This form is not a substitute for legal advice. When making a codicil, it is highly recommended to seek the advice of a qualified estate planning attorney to avoid complications and assure that your codicil states your modified wishes.

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6 Codicil to Will (To Add Spouse)

When you get married, it is important to update your will to include your new spouse, so that your new spouse is included, and to avoid unnecessary probate expenses. In order to update your will, you don't need to rewrite the entire thing. All you need to do is create a codicil (modification to the will) and specify what part of the will you would like changed so that your new spouse is included. Reference the location and the specific language you will be affecting. Be as clear and precise as possible to avoid undue complications. This form is not a substitute for legal advice. When making a codicil, it is highly recommended to seek the advice of a qualified estate planning attorney to avoid complications and assure that your codicil states your modified wishes.

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