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What Is an Attested Will?

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What Is an Attested Will? VOLUME 6 | Fall 2007 Inside This Issue What is an What is an Attested Will? Attested Will? Who Should Have an An attested will, which is a of the signature, while some Estate Plan? witnessed will, is the most states require the signature to common type of will. While each appear at the end of the What Documents Do state has its own formalities documents, others are silent on which must be followed to create the matter. You Need to Create an a legally valid attested will, the Estate Plan? general requirements are that an With regard to the requirement attested will must be in writing, that the will be witnessed and Holographic Will must be signed by the person signed by those witnesses, most whose will it is, and must be states require two witnesses. Do You Know Which witnessed and signed by those These witnesses must generally of Your Employees witnesses. be credible and both understand they are, and intend to be, acting Are Entitled to Most states interpret the as a witness to the will. However, Overtime Pay? requirement that you must sign the witnesses should generally your attested will rather broadly, not be someone who has an Simple Math so that it includes any actions interest or stake in the will, i.e., which you usually use as your someone who is listed as an heir. Client’s Corner signature. Thus, you can sign Witnesses generally sign right with your full name, initials, a after the will’s creator, although nickname, use a typed or not all states require this. Thus, This newsletter is designed for general stamped name, or even use a in states that do not require this, information only. The information presented here should not be construed fingerprint or the letter “X” and the witness can sign within a to be formal legal advice nor the this will be considered a valid reasonable time of the will’s formation of a lawyer/client signature if that is what you creator’s signature. In either relationship. This newsletter makes no claims or representations as to the intended. In addition, states situation, the witness should be validity of the articles submitted by generally allow the signature to signing the will in the presence of third party authors. be made by proxy, where its creator. somebody else puts a signature 2902 LINCOLN HIGHWAY on your will at your direction and Where the will is a holographic ST. CHARLES, ILLINOIS 60175 in your presence. For example, will, these requirements may be this is how someone physically lessened, insofar as some states do TELEPHONE. 630.377.7500 disabled could meet the signature not require holographic wills to requirements. As for the location be witnessed. FACSIMILE. 630.377.7502 [email protected] www.morellicounsel.com 1 All articles, quotes, and material in this newsletter are copyrighted © 2006. No part can be reproduced in any form without specific written consent from copyright holder(s). All rights reserved worldwide. Who Should Have an Estate Plan? You should have an estate plan if: If you do not have minor children, do not care about your property, and have no concerns (1) You are the parent of minor children about your health care treatment, then you do (2) You have property that you care about not need an estate plan. But if you meet any of these categories above, you should have an (3) You care about your health care treatment. estate plan. What Documents Do You Need to Create an Estate Plan? Several of the following documents are typically want should you suffer permanent incapacity, used as part of the estate planning process: such as an irreversible coma. (1) A Will, sometimes called a "Last Will and (4) A "Durable Power of Attorney for Testament" , to transfer property you hold in Property" appoints a person you designate to your name to the person(s) and/or act for you and handle financial matters should organization(s) you want to have it. A Will also you be unable or perhaps unavailable to do so. typically names someone you select to be your Personal Representative (or "Executor") to carry (5) A "Living Trust" can be used to hold legal out your instructions and names a Guardian if title to and provide a mechanism to manage you have minor children. A Will only becomes your property. You can select the person or effective upon your death, and after it is persons you want -- often even yourself -- as the admitted to probate. Trustee(s) to carry out the instructions you want in the Trust and name one or more Successor (2) A "Durable Power of Attorney for Health Trustees to take over if you cannot. Unlike a Care" or Health Care Proxy appoints a person Will, a Trust usually becomes effective you designate to make decisions regarding your immediately, continues in force during your health care treatment in the event that you are lifetime even in the event of your incapacity, and unable to provide "informed consent". continues after your death. Most Trusts are "revocable" which allows the person who creates (3) A "Living Will" or "Directive to the Trust to make future changes, modifications Physicians" is an advance directive which gives and even to terminate it. (If the Trust is " doctors and hospitals your instructions irrevocable", changes, modifications and regarding the nature and extent of the care you termination are very difficult (and sometime 2 impossible), although such Trusts often carry employed. Family Limited Partnerships are some tax benefits.) Trusts also help you avoid or typically used for those who have large estates minimize the expenses, delays and publicity and thus have a need for specialized estate of probate. planning in order to minimize federal and state estate/death/inheritance taxes as well as provide (6) A "Family Limited Partnership" can be elements of asset protection. used to own and manage your property, in a similar manner to a Trust, but allowing Let us help you create your estate plan…call us additional tax planning techniques to be today 630.377.7500. Holographic Will A holographic will is a will which has been handwritten (as opposed to typed, which is how handwritten by its creator. most wills are prepared these days), the requirements for it to be a valid will are A holographic will can also be an attested will, if somewhat more lax than the requirements for an the creator meets the other requirements of an attested will. Specifically, many states do not attested will. However, if the will is being require a holographic will to be witnessed at all. Do You Know Which of Your Employees Are Entitled to Overtime Pay? In certain cases, based upon the employee’s Last summer, the Fair Labor Standards Act was position and/or experience, an employee making revamped, and it now provides increased up to and possibly over $100,000/year may be threshold salary caps before the overtime entitled to overtime! exemption kicks in. Contact Morelli Legal Counsel, P.C. 2902 LINCOLN HIGHWAY | ST. CHARLES, ILLINOIS 60175 TELEPHONE. 630.377.7500 | FACSIMILE. 630.377.7502 | [email protected] | www.morellicounsel.com 3 .
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