The executor of an estate, also referred to as the personal representative of the estate, is chosen by the testator or creator of the last will and testament The chosen individual is responsible for a wide number of services for which he is typically paid a fee or given a bequest in lieu of a fee

Although more than one type of will exists, not all of the fifty states accept them as legally binding or valid Nuncupative wills are quite possibly the least recognized type of will

Last wills and testaments have traveled a varied path throughout their existence from oral to handwritten to typewritten to word processed Handwritten wills are known as holographic wills, but they are not valid in each of the fifty states

The personal representative is also referred to as the executor of the estate She is usually appointed by the testator or creator of the will

If there is anything more daunting than doing your taxes it is making out your last will and testament While tax season only forces you to face the fragility of your finances, the creation of a last will and testament forces you to face the fragility of your life

If you have been thinking about creating a last will and testament chances are you have at least considered using one of those ready made will kits These kits are everywhere it seems – in your email box, on the internet and even at the local office supply store

The rules of some death taxes vary according to the state in which the testator resided Although the federal estate tax has been dubbed the death tax, this phrase is also commonly used to designate the state inheritance tax in those states that impose it

In many situations, an estate plan does not have to be part of the last will and testament scenario After all, not everyone has a large estate or multiple beneficiaries to think about

In some cases, the need for an estate plan does not exist such as when little or no property or assets of any kind are owned However, as the number of assets increase or the type of property owned becomes more complex, the need for an estate plan increases

Although most are aware of the significance and the benefits wills entail, according to a study conducted by the AARP, more than 40% of Americans above the age of 45 don’t have a will Younger people are even more unlikely to have wills

When creating a last will and testament, it is important to set up a Power of Attorney, a legal document It allows you to indicate the name of the individual or “attorney in fact” to whom you give the legal right to manage your assets

Should you write your own last will and testament After all, there are so many online applications, computer software programs, preprinted forms, obliging friends, and helpful books available today that it almost seems foolish not to do so