Making a will is the foundation of an integrated estate plan

Making a will is extremely important. Under common law, a will or testament is a legal document by which a person (the testator) establishes the rights of others over his or her property or family after death. Making a will is the first and most basic step in creating an estate plan. In the event the deceased died with out leaving a will, they are said to be "intestate", or lacking a testament. Intestacy is a shockingly common condition in America, an estimated 70% of the population lack a valid will. Intestacy causes much unnecessary expense and delay for their heirs in the resolution of the estate.

How do I make a will? Fortunately, it is now easier than ever to develop your own legally valid will, quickly and economically. Online legal document preparation services and specialty software are readily available and very affordable. These tools can produce a valid will within just a few hours. In the event that you have a more complex situation and feel you need to consult an attorney and/or tax adviser to prepare a more customized plan for your situation this initial plan can serve as the basis of a more detailed plan. If you do not have a will now, I urge you to begin preparing one soon.

Requirements for making a will legal and valid. A person over the age of majority can draft their own will without the aid of an attorney. Additional requirements may vary, depending on the jurisdiction, but at a minimum every will must contain the following:

• The testator must clearly identify himself as the maker of the will, and that a will is being made; this is commonly called "publication" of the will, and is typically satisfied by the words "last will and testament" on the face of the document.

• The testator must declare that he revokes all previously-made wills and codicils.

• The testator must demonstrate that he has the capacity to dispose of his property, and does so freely and willingly.

• The testator must sign and date the testament, usually in the presence of at least two disinterested witnesses (persons who are not beneficiaries).

• The testator's signature must be placed at the end of the document. If this is not observed, any text following the signature will be ignored, or the entire will may be invalidated if what comes after the signature is so material that ignoring it would defeat the testator's intentions.

After the death of the testator, a probate proceeding may be initiated in court to determine the validity of the document, i.e., whether it satisfied the legal requirements, and to appoint an executor. If the will is ruled invalid in probate, then inheritance will occur under the laws of intestacy as if the document never existed.

Although there is no legal requirement that a will be drafted by a lawyer, there are many pitfalls into which home-made wills can fall, and it is highly desirable to have legal advice before drafting or execution. The person who makes a will is not available to explain him or herself, or to correct any technical deficiency or error in expression, when it comes into effect on that person's death, and so there is no room for mistake.

Terminology used in Wills

• A bequest is a gift in the form of a stated amount of money.
• A codicil is an amendment to a will.
• A demonstrative legacy is a gift from a specific bank account, or a specified set of savings bonds, stock certificates, or other bonds.
• A devise is special gift of real property in a will.
• A devisee is a person who receives a devise.
• Intestate means without a will; this is often seen in the phrase "to die intestate".
• A legacy is a gift.
• A legatee is a person who receives a legacy.
• Testate means with a will.
• The testator is a person who executes a will.

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