Creating an Addendum to a Last Will & Testament can be used to change asset distribution should a Maker outlive a spouse or children. An Addendum could also be used to name a new Executor who is not a spouse.
Many people create a Last Will and Testament. But most don’t know exactly what happens after they pass away. Are other legal forms required for the Will to be triggered? What needs to occur so the Executor can write checks and distribute assets to the Beneficiaries per the terms of the Will?
A Will outlines the distribution of assets of a person’s estate to named beneficiaries.
But what about the assets of that estate that already name a specific beneficiary in advance — like a life insurance policy, a 401(k), or an IRA?
While it is legally possible, Standard Legal believes that a Last Will & Testament is most appropriate for designating beneficiaries and for outlining the desired methods of distribution of property upon death, but not for creating a Trust.
It’s a common question: can my Last Will and Testament be set up to pass everything to my Spouse when I die, then later distribute our assets as I direct after my spouse dies?
Exactly what steps can a married couple take to avoid Probate on their real estate property when creating their Last Will and Testament? And does living in a Community Property state affect those steps?
Beneficiaries who are named in a Last Will and Testament may bring an action against the Executor of the Will if the Executor engaged in conduct contrary to the provisions of the Will.
How long the Beneficiary has to bring such an action depends upon the laws of the state where the Will is being executed.
Providing mortgage payments on a property is not the same as revising the Deed for a property, and it is a Deed that designates ownership.
A Last Will and Testament does not transfer property or assets until after the death of the maker of that Will.
But a person who is named Attorney-in-Fact by a Power of Attorney document can manage the assets of a Principal, so long as ‘best interest’ is applied.
Many states have laws that prevent one spouse from disinheriting another spouse within a Last Will and Testament. As such, it may be wise to wait until the Divorce proceedings are finalized to create a new Last Will and Testament.