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Say whether the following statements are TRUE, FALSE or INCOMPLETE. In case of FALSE or INCOMPLETE statements give the correct version.
1. If there is nobody to inherit a deceased person's property, the state takes it.
2. It's the court that determines who should care for the deceased person's children and their property.
3. One can draft his/her will without the aid of a lawyer.
4. Handwritten wills are as valid in the USA as typewritten wills.
5. Handwritten wills are not recommended because they are not usually witnessed.
6. To be valid a will must be dated and signed by the will maker.
7. Witnesses who sign the will inherit part of the property.
8. A will doesn't require notarization.
Answer the following questions:
1. What is intestate succession?
2. What does one need to draft a will?
3. What does a handwritten (holographic) will need in order to be valid?
4. Why are handwritten wills not recommended?
Can I use my will to name somebody to care for my young children, in case my spouse and I both die suddenly?
Yes. If both parents of a child die while the child is still a minor, another adult—called a "personal guardian"--must step in. You and the child's other parent can use your wills to nominate someone to fill this position. To avert conflicts, you should each name the same person. If a guardian is needed, a judge will appoint your nominee as long as he or she agrees that it is in the best interest of your children. The personal guardian will be responsible for raising your children until they become legal adults.
Can I leave property to young children in my will?
Children under 18 can inherit property—but if it's anything valuable, an adult must manage it for them. You can use your will to name someone to manage property you leave to minors, thus avoiding the need for a more complicated court-appointed guardianship. There are many ways to structure a property management arrangement. Here are four of the simplest and most useful:
Name a custodian under the Uniform Transfers to Minors Act.
In every state except South Carolina and Vermont, you can choose someone, called a custodian, to manage property you are leaving to a child. If you die when the child is under the age set by your state's law—18 in a few states, 21 in most, 25 in several others—the custodian will step in to manage the property until the child reaches the age specified by your state's law. To set up a custodianship, all you need to do is name a custodian and the property you're leaving to a young person. You can do this in your will or living trust. For example, your will might state, "I leave $10,000 to Michael Stein, as custodian for Ashley Farben under the Illinois Uniform Transfers to Minors Act." That would be enough to create the custodianship.
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