BY JAMES KEMP AND RYAN C. DAVIS
What is a will? A will is a document created when an individual puts into writing how they would like their assets distributed after death. An individual could make sure that their family or friends receive things like their land, money, or personal items after death. Someone with children under the age of 18 could also name the preferred guardian for their children in their will.
How do I create a valid will? It can be very tricky to make sure wills include all the proper elements to make it valid and able to withstand someone contesting it in court. A will can be created by anyone 18 years and older. It must be in writing. Furthermore, the individual creating the will must sign the will in front of two witnesses and then those two witnesses must also sign the will. To ensure that all the parts of a will are done correctly, it is important to hire an attorney who can guide you through the will creation process.
What if I want to change my will? There are two ways to “change” a will. One option is to create a codicil. A codicil is an addendum to the original will. When creating a codicil, the individual cannot just cross out a provision and write something different. The changed part of the will, the codicil, needs to also be signed and witnesses by two individuals. Another option, and the preferred one, is to destroy the original will completely and rewrite a new will.
What else should I plan for in my estate planning? A will only directs what happens to an individual’s assets following their death. This does not account for the creation of trusts, insurance policies, tax avoidance, and end of life wishes. It is best to hire a trusted attorney to tailor documents for an estate to what works best for each individual person.
What happens if I die without a will? Dying without a will is referred to as dying “intestate.” When this happens, the decedent’s assets are split up and distributed according to the laws of “intestate succession”. In Tennessee, the assets would be split up as follows, depending on who has predeceased the decedent.
|
If your surviving relatives are: |
They will receive: |
| Spouse and no children | Spouse inherits everything |
|
Children and no spouse |
Children inherit everything in equal shares |
| Spouse and children | Spouse and children inherit property equally, but the spouse’s share cannot by less than 1/3rd |
| Parents and no spouse or children | Parents inherit everything |
| Siblings and no spouse, children, or parents |
Spouse inherits everything |
While intestacy often times distributes assets as the decedent would have liked anyways, it is always preferred to have a will outlining who gets what to ensure that no one can contest the distribution of assets.
Creating a will and thinking about how you want your assets distributed after your death can feel daunting and overwhelming. Trust the experienced attorneys at Ryan C. Davis Law, PLLC to assist you with this important process. Your loved ones will be glad that you did.
For more information on End-of-Life Planning, check out our additional Education Center posts on this topic.
