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I want to write my own will, do I need to know probate law?
Question: I am interested in writing my own will. I want it to be relatively simple, I just want to distribute everything evenly among my three kids. Do I really need to know probate law or can I just write down what I want to go to each kid?
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Answers (1)
Writing your own will is not generally advisable. There are a number of legal requirements for writing a will. You need to name executors and beneficiaries, revoke all previous wills and testaments, and have the will witnessed appropriately in order for the will to be valid. Furthermore, if you have a significant estate, there are specific steps you can take to help minimize the tax implications for your heirs, if you have the legal knowledge to do so. Understanding the probate process will help you to understand how you can protect certain assets so they do not pass through probate, thus minimizing tax liability.
The best course of action is to consult an attorney who specializes in wills and trusts, who can help you to explore all of your estate planning options.
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Posted by Christy Rakoczy on 29 Jan 2010