A Last Will & Testament is a formal legal document that directs how you want to give your assets to your loved ones. A Will takes these assets through probate. Probate is the default way to transfer property after death. This includes real estate, tangible personal property, and other assets not passing by other means (such as a beneficiary designation).
How to Make a Last Will & Testament
Wills require certain formalities. In Tennessee, the Testator (creator of the Will) be at least 18 years old, must have testamentary capacity, and must sign or acknowledge his/her signature in the presence of two witnesses. The two witnesses must understand that the document is a Last Will & Testament, and must sign the Will as witnesses in the Testator’s presence and in each other’s presence.
Notarization is not necessary for a Will to be valid. But generally, a well-drafted Will contains a witness affidavit. In the affidavit, both witnesses declare under oath that they properly witnessed the Will’s execution. This avoids the requirement for the probate court to call the witnesses to testify.
In Tennessee, these formalities must be strictly followed. Otherwise, the Will is invalid, and the deceased person’s estate will follow the laws of intestate succession (which can be messy).
What Does a Will Do?
A Last Will & Testament is basically a set of instructions for distributing assets upon death. The Will names an Executor to handle the estate. He or she will gather and distribute the deceased person’s property in the manner laid out in the Will, subject to the oversight of the probate court.
A Will can cover a number of different topics. Some of the primary ones are who the Executor will be, what powers the Executor may have, how to handle debts, direction regarding specific bequests, and handling the rest of the estate (residuary). For parents of minor children, the Will can also name a Guardian for those children if there is no natural parent surviving.
Who Should Have a Will?
Estate planning is for everyone, not just the affluent. Strictly speaking, anyone who is a legal adult should have a basic Will in place. But this is especially important for married couples, parents of minor children, business owners, and those with a lot of assets.
The Last Will & Testament provides clear instructions about what your wishes are, instead of having to follow what the Tennessee General Assembly thinks is best.
Set Up Your Last Will & Testament with Connell Law, PLLC
Connell Law, PLLC is here to assist residents of Rutherford County and the surrounding area establish their Last Will & Testament. Reach out to us today to schedule your free consultation.