You can transfer property when you die by writing a will.The person who will receive your property when you die is named in the will.You can do it yourself with a will.You can change the beneficiary by drafting a codicil, which is an amendment to your will.You should leave property to your beneficiaries in an appropriate manner if it isn't passed through a will.
Step 1: Do you know your beneficiaries?
Specific pieces of property can be given to people.You might want to give your son an antique car.You can leave the property to your brother by writing, "I leave to my brother, Karl, my 1966 Ford Mustang."
Step 2: List alternate beneficiaries.
You can name someone to inherit the property if your first pick dies.If your brother dies before you, then your nephew will inherit the car.I leave to my brother, Karl, my 1966 Ford mustang.I will leave my 1966 Ford mustang to my nephew if he does not survive.
Step 3: Property to groups.
It is possible to give property to more than one person.If you want to give property to all of your children, you can.In your will, you can say, "I leave my 1966 Ford Mustang to my grandchildren who survive me, in equal shares."
Step 4: Bequests of money are made.
A specific account is where you can give a bequest.You can give your sister money from your checking account.If there is no money in the account when you die, the money will come from your estate's general assets.You can leave a bequest in your will that will be paid out of the proceeds from the sale of your stock in Amazon.
Step 5: A general bequest of money can be made.
You don't have to identify the specific account you pay from with a general bequest.If assets aren't available or have been given away, you may not be able to leave money to your sister in your will.The personal representative may sell assets to raise money.General bequests can be fulfilled from the residual estate.
Step 6: Pick who you want to receive the rest of your estate.
You do not have to name a beneficiary for everything you own.You can name a beneficiary for youruary estate, which is everything you own that you haven't given to a specific beneficiary.After your debts have been paid, your beneficiary will get what is left.In your will, you can write "My residuary estate consists of all property I own at my death that is subject to this will and does not pass under a general or specific bequest, including all failed or lapsed gifts."
Step 7: Will templates can be found or request help from an attorney.
In books or online, you can find sample wills.For your country or state, look for a will.You will need a guide when you draft your own.You can also use online programs.The programs make it easy to write a will.A wills and trust attorney could be of assistance.Some lawyers who practice general law can help you draft a will.
Step 8: Pick a person to represent you.
The person will be in charge of your estate after you die.The personal representative will need to collect all of your property, pay your debts, and distribute property to your beneficiaries.Who is responsible is what you should choose.There are laws that limit who can serve as a personal representative.Many states don't allow someone with a felony conviction to serve.To be of sound mind, your personal representative needs to be at least 18.
Step 9: You should check if you can give the property away.
Not all property can be left in a will.You might live in Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, or Wisconsin.During your marriage, you can only give away half of the property.Your spouse has the other half.You can give away all of your separate property, which you received as a gift or inheritance.
Step 10: You have to sign your will in front of a certain number of witnesses.
The number of people who need to watch you sign will be determined by the laws in your jurisdiction.You will need at least 2 witnesses in most U.S. states.Pick witnesses who won't get anything in your will.In some states, wills must be signed in front of and stamped by a public notary.
Step 11: Add an affidavit.
You might live a long time.Your witnesses might not be able to testify that the will is yours.You can get around this problem by drafting a self-proving affidavit and having your witnesses sign it.You can find self-proving affidavits that work for your state.You can add an affidavit to your will in Florida.
Step 12: A lawyer can review your will.
An attorney can review your will to make sure it's in line with the law in your country or state.Call your nearest bar association and ask for a referral to find a lawyer.Talk to your lawyer about other ways to leave your property.If you have a disabled heir, you don't want to leave property through a will.You want a special needs trust.Discuss your situation with a lawyer.
Step 13: It's a good idea to store your will safely.
It's easy to find a safe place to put it.You should give a copy of your will to your personal representative.It is up to you to tell your beneficiaries what they are getting.You should tell them if you don't want any surprises.
Step 14: Don't write on the will.
Don't change your will by crossing out words, tearing out pages, or writing all over it.If you want to change your will, write a "codicil," which is either an amendment or an alternative.If you need to rewrite your will, you should check your local legislature.If you used an online program, you can rewrite the entire will.The paragraph should say that you are revoking your will.
Step 15: Make a list of what you want to change.
The person who gets a piece of property might be changed.Find the provision you want to change by taking out your will.If you want to leave new property to someone, you may be able to write a codicil.
Step 16: You can format your codicil.
You can change your will by attaching a codicil.The document should be formatted the same as your will.The title should be included with the following information.The name and date of your will should be mentioned.Your title might read, "Codicil to Last Will and Testament ofJill R. Jones dated March 1, 1978."This Codicil to the Last Will and Testament of Jill R. Jones is effective as of this date, and is an amendment to my last will and testament.
Step 17: Tell me what you are changing.
You can find the paragraph you want to change.Mention it in the codicil.If you want to change the beneficiary of your stamp collection, find the paragraph in your will that includes that bequest.Paragraph Seven of my Last Will and Testament is hereby amended to read as follows.If you add a paragraph, you can write in your codicil, "My Last Will and Testament is hereby amended to add the following as Paragraph Nine."Karen Little will get my diamond bracelet.
Step 18: You should publish your will.
Remember to state that you are republishing your will when you have made any changes.If there are any contradictions between the two documents, state that your codicil will pre-empt your will.You can write in your codicil that the terms of the Last Will and Testament can't be changed.My Last Will and Testament was dated March 1, 1978.
Step 19: You should sign your codicil.
Remember to follow the same procedures when drafting your will.The number of people who sign as witnesses should be the same.The witnesses should not receive anything under the will or codicil.It is possible to draft a self-proving affidavit for the codicil.Attach the codicil to your will.Give your representative a copy of the codicil.
You do not name a life insurance beneficiary in your will.You can name the beneficiary on the policy.Ask your life insurance company if you can change the beneficiary.
Step 21: You can name a beneficiary to your retirement account.
You don't name beneficiaries on your retirement account or pension through your will.To change the beneficiary, contact the companies with your accounts.
Step 22: You can have a joint tenancy in your home.
You can leave your home to your spouse using a joint tenancy.You will need to use the language "as joint tenants with right of survivorship" on the deed.The survivor will take the whole house when one dies.Discuss the issue with your attorney.
Step 23: A death deed requires you to sign a revocable transfer.
Some states allow you to sign this type of deed.The beneficiary doesn't have rights in your property until you die, and you can change your mind at any time.Make sure your will doesn't leave the property to someone else if you use this type of deed.If the deed disagrees, the title insurance company might not issue the insurance.You need to revocation the deed with an instrument of revocation if you change your mind.You cannot change the deed with your will.A revocable transfer deed is a good idea to discuss with your lawyer.They can help you file the paperwork correctly.
Step 24: Think about creating a life estate.
While you are living, you can give your home to someone.A life estate deed will allow you to occupy and use the home during your lifetime.Full ownership passes to the person you named as the remainderman at your death.You can change your mind if you have a life estate deed.You will need the remainderman's permission to sell the house if you make it irrevocable.If you're interested in creating a life estate, you should talk to an attorney.The appropriate documents can be drafted by a qualified attorney.