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What is a Last Will and Testament

 

A Nebraska Last Will and Testament, when prepared and executed properly by a person who is an adult of sound mind with legal responsibility for his- or herself, is a formal document that specifies how their assets or estate will be managed and distributed after their death. The person who dies is formally referred to as the decedent. If the decedent has minor children, the Last Will and Testament may also be used to designate who they want to care for their children and who they wish to handle their childrenís inheritance/finances until each child comes of age (usually 18, but you can designate a different age) to handle their finances on their own.

In a Last Will and Testament, the decedent usually also names a personal representativeóor co-personal representatives (two or more persons acting together in this capacity)óto manage the matters of the estate. The personal representative is the person who gathers all of the information about the decedentís debts and assets, pays outstanding debts using the assets on behalf of the estate, and ensures that the decedentís property is distributed as specified in the Will, so this is a job with a lot of responsibility, and the personal representative selected is usually someone the decedent really trusts to follow through on the details and with his or her wishes.

If a person dies without having a valid Last Will and Testament (which usuallyóin most statesómeans it must be properly witnessed, as wellónot just signed), someone will usually be appointed by the court to be the personal representative and will pay the decedentís debts, liquidizing assets as necessary to do so. Then the remaining assets will be distributed among the decedentís heirs according to the laws of the state the decedent lived in.

In some states, if one spouse dies leaving behind a husband or wife, that living spouse will inherit all of the decedentís property in the absence of a Last Will and Testament stating to the contrary. In other cases, the decedent may have specified a particular beneficiary to inherit a life insurance policy, retirement account, or other asset, and that beneficiary designation will dictate who receives those assets in the absence of a Nebraska Last Will and Testament.

The important thing to note is that anyone who wishes to designate how their assets will be distributed after their death should prepare and properly execute a Last Will and Testament to ensure their wishes are known and honored. If they donít, they may be leaving it up to chance, the laws of the state in which they reside at the time of their death, or a court of law as to how their final affairs will be settled.  Nebraska free information on last will and testament forms.

Legal Requirements for Last Wills in Nebraska

Each state in the United States has its range of laws and regulations governing the making of Last Wills. In general, a Last Will is an essential step towards the distribution of your property (assets, houses, cars) after your death among the beneficiaries. Such a document allows you to think in advance who will receive your property and in what proportion. The Last Will is not required to be drawn up, as it is everyone's choice. If you want to distribute your property, it is better to make the Last Will with a personal representative.

There are cases when there are no heirs. In such circumstances, you may leave a legacy to charitable foundations or museums. Moreover, you may even create a trust for any person, appoint a guardian for minor children, or a person who will take care of your animals. Indeed, the Last Will defines any range of regulations of your property. Therefore, the fastest way to settle everything is to prepare the document in advance for all the requirements.

In Nebraska, there are several key points related to making the Last Will and transferring the property. Firstly, the court controls this process (transfer of property and inheritance). You need to apply to the district court for the appointment of a personal representative.

Secondly, if you did not want or did not have time for some reason to draw up a document, the surviving spouse inherits all the property, provided that there are no other heirs. Otherwise, the heir from the other spouse inherits half of the property. By the way, the parents of a deceased person also have the right to receive real estate if there are no children of the testator. If there is no surviving spouse, children, or parents, the inheritance passes to the second category of heirs (brothers and sisters, uncles and aunts, and so on).

Below is the comprehensive list of requirements for making the Last Will:

  • The age of the testator is 18 years and older

  • Sound mind and capacity for action

  • Mandatory signature of the testator

  • Signatures of two witnesses

  • A written form of the Last Will

In Nebraska, the testator may change the deed of ownership at any time. Another important note is the resolution of handwritten Last Wills. In this case, you only need the testator's signature, and the witnesses may not sign.

Revoking the Last Will in Nebraska

There are several ways to cancel the Last Will. The first option is the execution of a subsequent (modified) Will. The second method is the burning, termination, and destruction of the document. Remember that in the event of a divorce, certain provisions of the Last Will may be annulled. In this case, the spouse will not receive part or all of the property as an inheritance. In order not to remain in the dark, read the regulations in advance.

There are also exceptions to the transfer of some property. Not all property can be distributed among the heirs by the Last Will:

  • Property that is jointly owned with the right of inheritance

  • Income from the life insurance policy and pension account

  • Surviving spouse's share

Consider all these rules for quickly making the Last Will without any problems.


 

 

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