Wills 101

<p><strong>Everyone with property or children should have a will. It is especially important if you have children, since a will can provide instruction of your wishes regarding who will take care of your children.</strong></p> <p><strong>A will must meet several requirements in order to be considered legally valid:</strong></p> <ol> <li><strong>There must be testamentary intent. </strong>This is fancy way of saying that the will was created with the intention of acting as a will and this fact is understood by the testator.<br> </li> <li><strong>The testator is required to have testamentary capacity at the time of signing the will. </strong>That means the extent and nature of the property in the will must be understood. The distribution of the property must also be understood.<br> </li> <li><strong>The will must be executed freely. </strong>This means the testator cannot be under undue influence, duress, or fraud.<br> </li> <li><strong>It must be signed. </strong>Depending on the state, this may include a notary or witnesses.<br> </li> </ol> <p>Just as with estate planning in general, wills also have their own terminology that the average person isn’t exposed to on a regular basis. Understanding these terms will greatly increase you understanding of wills in general.</p>