The death of the King of Pop is a reminder to each of us: life can end quickly, and we should provide directives for how our estates should be handled.
The Washington State Bar Association has prepared a pamphlet for individuals who wish to prepare a will. Here are several excerpts to keep in mind:
Making a Valid Will
A will should be made when a person is "legally competent" (of sound mind and at least 18 years old). It should be prepared while its maker is in good health and free from emotional stress. In other words, to make a valid will, you must understand such things as what property you own, its value, and whom you are leaving it to when you die.
Dying Without a Will
When there is no valid will, the person is said to have died "intestate." A court appoints an administrator to handle the decedent's affairs, and his or her property is then distributed according to a formula fixed by law. The laws for distribution of an intestate estate are rigid and generally do not make accommodations for those in unusual need. After payment of taxes, debts, funeral expenses and administrative costs, the property goes to the surviving spouse, children and/or relatives. The laws are specific as to how property is to be distributed, including which relatives have priority and how the property is divided.
Valid Will Requirements
Each state has its own laws that determine the requirements for a legal will. In Washington:
1. The will must be written, dated and signed;
2. The person who makes a will (called a "testator") must be legally competent and acting voluntarily (of sound mind and free of any improper influence), and be at least 18 years old; and
3. The signing of the document must be witnessed by at least two legally competent individuals (one of whom may be a notary public) and signed in strict accordance with technical formalities. Witnesses do not need to know the contents of the will and should not be beneficiaries (persons who will receive something) of the will.
Handwritten (or "holographic") wills that are not properly witnessed are invalid in Washington. A will made in another state in accordance with that state's requirements will be valid in Washington.
For the WSBA's complete article, click here.
Note: This article is not intended as legal advice. Readers with questions about estate planning should contact their attorney.