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Estate planning is the process of accumulating and disposing of wealth before death of individual of group of owner known as estate owner including married couple. It aims is to maximize the wealth of the estate owner. The most important goal of estate planning is to make sure that the greatest amount of the estate passes to the estate owner's intended beneficiaries while paying the least amount of taxes. The purpose of transfer your asset to the estate is to ensure that your estate will only pay for its share of taxes and provide a larger wealth for your estate beneficiaries. Before planning for your estate, you may want to known types of the will that you may use in estate planning.
1. Written will
Normally, a written will with signature of 2 witness and notarized by your lawyer is the best approach, because
a) Your executor already agree to carry his or her responsibility to distribute tour assets according to your wish.
b) Your clean intention has been warranted
c) The formality of your will is also warranted, what is the chance that your lawyer will not inform you that your will is not followed the format while he is the one to notarized it. It is a case that a will is overturned by the court because it is not legally validated because the estate owner has not followed the guideline.
2. Holographic will
Holographic will is a type of will written by the estate owner hand writing. This type of will do not need to be witness. This type if will may be legal but sometime it may cause problem for the distribution of wealth because
a) The executor may not be aware of estate owner intention or
b) The executor may refuse to carry it duty as the estate executor, because he or she was not informed before hand.
c) The will ma not follow the guideline or format to make a will legal.
3. Notorial will
It is made by a lawyer and require a signature of a witness. Nortorial will made by a lawyer is only valid in Quebec, Canada.
4. International will
International will is a will that is valid in any country that has been ratified by the Convention Providing a Uniform Law on the Form of an international will. It is useful for persons with out-of-country assets and requires the signatures of witnesses and a lawyer to be valid.
5. English-form will
English form will is one the written will
The most common form of will in US and Canada, it can be written or typed, or a combination and it must be signed at the foot of the document by the testator and by 2 witnesses who are not beneficiaries of the will or spouse of the beneficiary.
I hope this information will help. If you need more information or insurance advices, please follow my article series of the above subject at my home page at:
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