Wednesday, September 29, 2010

Limitations of a Will

Wills are the most well-know way for people to legally define their choice about their assets after their deaths. Wills are the smartest way to express the deepest sentiments for their family and close ones. Being a legal document, will provides a defined channel for people to ease the transition for survivors by awarding them their properties, assets such as jewelry, cash etc quickly and without any liable tax burdens.

However, the presence of some legal restrictions prevents a testator from giving full effect to a person’s wishes. There are laws that state that prohibits disinheritance of spouses or dependent children. A married person cannot disinherit the spouse without his or her concern. Also, it should be a pre-nuptial agreement. In most jurisdictions, a surviving spouse has a right of election, which allows the spouse to take a legally-determined percentage (up to one-half) of the estate when he or she is dissatisfied with the will. Non-dependent children may be disinherited, but this preference should be clearly stated in the will in order to avoid confusion and possible legal challenges.

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