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Alabama Mutual Wills Package for Married Couple with Adult and Minor Children

State:
Alabama
Control #:
AL-WIL-01591C
Format:
Word; 
Rich Text
Instant download

Description

The Mutual Wills with Last Wills and Testaments Package you have found, is for a married couple with both minor and adult children. It provides for the appointment of a personal representative or executor, designation of who will receive your property and other provisions, including provisions for your spouse and children. It also establishes a trust and provides for the appointment of a trustee for the estate of the minor children. This package contains two wills, one for each spouse. It also includes instructions.


The wills must be signed in the presence of two witnesses, not related to you or named in the wills. If your state has adopted a self-proving affidavit statute, a state specific self-proving affidavit is also included and requires the presence of a notary public to sign the wills.


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How to fill out Alabama Mutual Wills Package For Married Couple With Adult And Minor Children?

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FAQ

A joint will is one that two people, typically a married couple, sign together. Instead of each spouse having a separate will, they have one document that they've both agreed to. Most joint wills are written such that when one spouse dies, their portion of the estate passes to the other.

Bank accounts. Brokerage or investment accounts. Retirement accounts and pension plans. A life insurance policy.

Mirror wills are based on the idea that married or unmarried couples will likely have the same wishes regarding their estate. No matter which spouse dies first, the estates are handled the same way. The basic structure of a mirror will is similar to an individual last will.

Create the initial document. Start by titling the document Last Will and Testament" and including your full legal name and address. Designate an executor. Appoint a guardian. Name the beneficiaries. Designate the assets. Ask witnesses to sign your will. Store your will in a safe place.

Find an online template or service. Make a list of your assets. Be specific about who gets what. If you have minor children, choose a guardian. Give instructions for your pet. Choose an executor. Name a 'residuary beneficiary' List your funeral preferences.

The reality is, however, that both you and your spouse should each have your own will, and it should be planned as soon as possible. Some couples think that they can have one joint will together, but this is not a sound approach.

Property in a living trust. One of the ways to avoid probate is to set up a living trust. Retirement plan proceeds, including money from a pension, IRA, or 401(k) Stocks and bonds held in beneficiary. Proceeds from a payable-on-death bank account.

In most states, if you have a will while you are married and then end the marriage, the will is automatically revoked. It's possible to leave an inheritance to your ex, but you have to write a new will that specifically states you are doing so. Disinheriting your spouse.

Joint wills are usually created by married couples. They often state that: After one spouse has died, all the couple's property will be left to the surviving spouse; and. After the surviving spouse dies, the remaining property will be left to the couple's children.

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Alabama Mutual Wills Package for Married Couple with Adult and Minor Children