Estate Planning Newsletter

• Trusts & Charity
  It is possible to set up a trust for charitable purposes. Charitable trusts are quite common, but certain requirements must be met. Purpose of a Charitable Gift Reasons for charitable gifts funded through... Read more.
• Inter Vivos Trusts
  Unlike a will or some other types of trusts, which take effect upon the death of their creator, a “living trust” or “inter vivos trust” comes into effect during its creator’s lifetime. The creator of a... Read more.
• Tax Consequences When a Marital Settlement Agreement Requires Life Insurance
  Many marital settlement agreements require one party to maintain a life insurance policy on his or her life naming the former spouse as the primary beneficiary. While this provides some financial security for the former spouse, it may... Read more.
• Federal Estate Taxation and "Special Use" Valuation of Certain Properties
  Calculation of the Value of Estate Assets Estate taxes are calculated based upon the value of the assets in the estate. One duty of the executor or administrator is to inventory all estate assets and assign a... Read more.

• Eliminating stepped-up basis could end family farms
• President Biden’s Budget Includes Big Tax Increases That Will Rock Your Tax World
• Takoda Collins estate settles lawsuit with Montgomery County for $3.25 million
• Melinda French Gates reportedly hired trust and estate lawyers in her divorce from Bill Gates, an ‘unusual’ move signaling that she could tweak their 3 kids’ $10 million inheritance
• Michael Jackson’s Likeness Valued at $4.1 Million in Big Tax Court Win for Estate

When Witnesses to Wills are Necessary

A witnessed will is only one of several different types of wills. It is also referred to as a “formal” or “attested” will, and involves the eyewitness participation of other people.

Witnesses

In most states, a witnessed will must be observed by 2 individuals. They must also state that they were present when the person (testator) signed the will, and then recite the way it was signed. This helps safeguard the witnessing (in case at a later date, they are unavailable to verify the testator’s signature on the will).

Who Should Be A Witness

A witness should not be someone who will inherit under the will. Some states disallow this type of witness, and other states limit the inheritance a witness to a will can receive. Witnesses should also be competent to testify about the signing of the will and likely to outlive the testator.

Signature Requirements

A witnessed will must be signed by one of the following:

• The person making the will (testator)
• A person the testator has chosen to sign on his/her behalf
• A conservator chosen by the courts

Marks of the Testator

The testator does not necessarily have to put his/her signature on the will. Other marks will satisfy the signature requirement if the testator is not able to sign the will because he/she is either illiterate or disabled. These types of marks include:

• Any mark that is near the testator’s name
• Another person’s signature (with the testator’s direction), in the presence of the testator
• A conservator’s signature

However, in order for these types of marks to be valid as signatures, they must be witnessed and signed by 2 other persons.

© 2021 NextClient.com, Inc. All rights reserved.