Will

Will Definition

A last will and testament, also known simply as a will, is a legal document that formally instructs the state or a court of law on how to divide assets upon death.

These instructions may include the disposition of any real property in the estate.

Explanation

In order to transfer real property as part of an estate, a will must have certain elements to be recognized as a legal document.

These requirements vary by state, but some universals include the following.

The will must be in writing. Typed and handwritten (holographic) wills are recognized as legal documents in most states. Digital or virtual wills may not be valid in all states.

A will must be witnessed. The number of required witnesses varies by state. Some states allow a notarized affidavit in lieu of witnesses.

A notarized affidavit means a notary isn’t required to certify an identity or the identity of the witness(es). The witnesses should not be beneficiaries in the will to avoid a conflict of interest.

The person writing the will (known legally as the testator) must be at least 18 years old and of sound mind and memory. The testator must also write the will without any coercion.

The will should name an executor. An executor is the designated person responsible for carrying out the directions for the real property outlined in the will.

Upon death, the executor is responsible for filing a court petition, the will, and a copy of the death certificate with the probate court. The executor notifies the beneficiaries listed in the will.

Cory Pinter real estate investor headshotCory Pinter

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