No one wants to think about the worst, but the reality is that life is unpredictable, and it’s important to be prepared for any situation. This is why it is essential to have a Last Will and Testament in place. A Last Will and Testament is a legally binding document that clearly outlines your exact wishes regarding the distribution of your assets and belongings upon your death. Drafting your Last Will and Testament can be a daunting task, but taking the time to ensure that your wishes are clearly articulated will give you peace of mind in knowing that your final wishes are properly accounted for.
1. The Basics of Drafting a Last Will and Testament
Drafting a last will and testament may seem intimidating, but breaking it down into its core components makes it much easier. Below are the basics you need to consider:
- Name of Testator: The testator is the person writing the last will and testament. The testator should clearly state their legal name and current address.
- Appointment of Executor: An executor is a person (or persons) responsible for managing the deceased’s assets in accordance with the last will and testament.
- Division of Assets: The last will and testament should also specify how to divide assets among family members, friends or other entities like charities.
A last will and testament isn’t complete without the testator signing the document in front of witnesses or a notary. In most cases, two to three witnesses are required. The witnesses must sign the document as well in order for it to be valid. From there, the will must be registered with the relevant authorities.
It’s important to note that instructions in a last will and testament are legally binding. So, you should always consult a lawyer to ensure that the document meets your expectations and that all legal procedures have been followed. This way, you can be sure that your wishes will be met.
2. Understanding the Necessary Legal Terminology
When dealing with complex legal matters, it’s essential to understand the terminology used in the profession. Knowing the differences between lease contracts and promissory notes or between a hearer and a witness can help you decide on the best route needed for a secure deal.
Lease Contracts – a lease is an agreement between a tenant and a landlord which provides a tenant with access to the landlord’s property for a certain amount of money. The contract usually contains details on the length of the rental term, the rental rate, late fees, and other conditions. If one party breaches the lease contract, then the other can take legal action.
Promissory Notes – a promissory note is a written agreement which outlines the terms of a loan given by one party to the other. It includes details on the amount of money borrowed, the interest rate, the maturity date, and the repayment terms. A promissory note functions as a binding legal contract which both parties must adhere to.
Witnesses and Hearers – when there is a dispute, witnesses and hearers can be called in to provide evidence and testimonies. Witnesses are typically present during a trial and provide firsthand accounts of an incident or situation, while hearers are those who hear secondhand information related to the incident. The key difference between the two is that witnesses must be present to give their testimonies, while hearers can provide their accounts without being present.
3. Deciding on Bequests and Beneficiaries
When it comes to deciding who receives your assets after you pass away, consider your options carefully. There are several viable candidates, and it’s important to choose wisely.
The Two Major Types of Bequests to Consider
Bequests can be made either through a will or through a trust. If you’re considering making bequests through a will, keep in mind that the will must go through probate, a process that can be costly and time consuming. On the other hand, a trust can bypass the probate process and be more tax efficient. Whichever route you choose, it’s important to have legal counsel to draft all documents and appoint a guardian to manage your assets if you have a minor child.
Choosing Your Beneficiaries
Once you decide on your estate planning vehicle, consider who you would like to benefit from your bequest. Here are a few factors to consider when deciding on an individual or organization to receive your assets:
- Their financial need
- Their relationship to you
- Your impact on their life
You can make bequests to individuals, charities, or causes that you care about. However, it’s important to choose carefully to ensure that your wishes are fulfilled when you are gone.
4. Naming Guardians and Executors for Your Estate
Guardians and executors are important roles in planning for the future of your estate. Designating these roles will ensure your will is carried out correctly and according to your wishes after you are gone.
Choosing Your Guardians
When choosing guardians for your children or any close family members who you wish to leave assets or who would depend on you financially, keep two important things in mind: the guardian’s ability to take on such a responsibility and their ability to act as a caregiver and provide for the family member’s emotional well-being. Make sure the person you name as guardian fully understands the responsibility of this role and is up to the challenge. You may want to talk to potential guardians to make sure that they understand their role and the commitment involved. Consider making a list of your top guardian choices and make sure you discuss these with all potential guardians for agreement.
Selecting Your Executor
For the executor of your will, you should choose someone you trust implicitly – this person will be responsible for carrying out the instructions of your will such as making decisions related to trust funds, the sale of assets, and other monetary transactions. You may also want to consider naming a few backups who you trust to take control in case of the primary executor’s incapacitation or death – you can always specify the order in which you wish these backups to be considered. It’s a good idea to find someone who has some knowledge of business and finances in order to handle the financial obligations of your will.
Finding the Right Professional Assistance
Having qualified, trustworthy help who specializes in estate planning is essential. An experienced attorney, accountant, or tax consultant can provide excellent advice and help you through the process of naming guardians and executors. Additionally, financial planners or trust officers can help you address complex issues pertaining to estate planning.
- Discuss potential guardians thoroughly
- Name backups as potential executors
- Find qualified professionals for the best guidance
5. Choosing between a Handwritten or a Typed Will
In the modern world, wills aren’t limited to just pen and paper. Nowadays, you can create an electronic will, either with the help of a professional or through an online form. That leads us to the big question: which is better, a handwritten or a typed will? Let’s discuss the pros and cons of both.
If you want to go with a handwritten will, you’ll have the easiest time updating it over time. All you need is a pen and paper to make changes. The downside is that handwritten wills often require a legal witness and can be difficult to decipher with age, especially if the handwriting deteriorates.
A typed will is legible and more impervious to decay. Plus, it may contain specific instructions and complex directions that are difficult to encode in handwriting. Still, it should be maintained and updated regularly in order to keep the will legally valid. It is also more difficult to make changes on the fly, as you’ll need access to a computer.
Weighing the pros and cons, it comes down to personal preference. Handwritten wills tend to be simpler and easier to customize or update. Typed wills are legible and more secure, however, due to the complexity of today’s legal documentation.
6. Preparing Your Will and Assigning Witnesses
Creating a will is an important step in administering your estate after your death. It is necessary for planning for your future and ensuring your wishes are honored. Additionally, appointing witnesses for your will is critical to ensure its validity.
To ensure your will is valid, it must be properly dated and signed. Additionally, two witnesses also must sign the document as witnesses after they have seen you sign it. It is important to choose witnesses who are trust worthy and will be able to testify in court if a later challenge to the will is necessary.
When selecting your witnesses, it is important to keep the following in mind:
- Witnesses must be of legal age (18+).
- Witnesses must be mentally competent to sign before a notary.
- Witnesses should not gain financially from your estate.
Remember that it is important to revise your will when any major life changes such as marriage, divorce, or having a child occur. Additionally,replace any witnesses that pass away by appointing new ones.
7. Finalizing and Signing Your Last Will and Testament
Unless your Last Will and Testament was written in a form that it takes legal effect without having to be signed, or you resort to writing it in the form of a holographic will, the final step in creating it is signing it. At the end of the Will, there should be two blank witness lines immediately below it. Here’s what you have to keep in mind when finalizing your Last Will and Testament:
- Have it in front of witnesses: you should have two witnesses that are at least 18 years old in your physical presence when you sign the Will.
- Write the date: ensure that you insert the date next to your signature.
- Recording information: create an accurate record of the Will, including the date of signing, the names and signatures of witnesses, and where the original copy of the Will is held.
As for the witnesses, they have to sign their name on the blank witness lines and also have to write their full address and the date of signing. Make sure that all the information provided by the witnesses is accurate and that they understand they are attesting to the fact that you are signing the Will voluntarily and that you are of sound mind.
Finally, keep the original copy of the Will in a safe place. After these steps have been completed, your Last Will and Testament is officially signed and is now legally enforceable in the eyes of the law.
8. Storing Your Will Safely
Once a will is created, it is extremely important to store it in a safe place. Keeping it with other important documents such as insurance or banking paperwork is a good idea. Here are 8 key points to consider when storing a will for safe keeping:
- Choose a secure place. Don’t just leave a will lying around, as it could easily be misplaced and unaccounted for. Pick an area of your home that is secure and that only you have access to.
- Consider your residence. If you have any concerns that your document might get damaged due to changes in temperature, moisture or other environmental factors, consider storing it in a different place such as a safety deposit box.
- Inform your lawyer or solicitor. The person who drafted the document should have a copy and be notified right away. This will ensure that your wishes are followed and that your family and friends are not liable.
- Store a copy of the will in a bank safety deposit box. It is a good idea to keep a copy of your will in a safety deposit box at your local bank. This will provide an additional layer of security.
- Replace your will if necessary. Make sure to replace your will if there have been any major life changes or if you wish to make changes to the contents of the document.
- Share the information. Let your family members or close friends know where you have stored your will, so they can easily access it if something happens to you.
- Go digital. Consider using online storage services such as iCloud or Dropbox that allow you to store your documents in the cloud, or even encrypted devices like USB drives.
- Keep it updated. Always make sure that your will is up to date and that any changes that you make are noted in writing to ensure that they are legally binding.
Being prepared for future events in life like death is so important, and a will can help provide peace of mind that your assets are laid out as you see fit. Whether you opt for an in-person or digital version, be sure to store your will safely and securely.
9. Revising and Amending Your Will Over Time
Creating a will is an important step in executing the wills of individuals. However, it is not a one-time event. To address changing situations in life, it is essential to revise and amend your will from time to time. Here are some key points to keep in mind when making those necessary changes.
- Keep Your Will Current: It is advisable to review your will every three to five years, and each time a major event such as a marriage, birth of a child, or death of a beneficiary takes place.
- Prioritize Your Needs: As you revise your will, consider changes that need to be made to ensure your wishes are being followed. From updating beneficiaries to adding personal assets, your will should be customized to fit your specific wants and needs.
- Validate Your Wishes: Once you are finished revising your will, validate that the changes are accurate and legal. Ensure that the proper format is being used and witnesses are present.
Keep in mind that your will should be updated according to any changes in your life. Regularly reviewing and amending your will ensures that that your wishes are carried out. By taking the time to update your will, talk to your lawyer, and consider changes in your life, you can ensure your will reflects your most accurate wishes.
10. Celebrating Your Legacy with a Last Will and Testament
Leaving behind a legacy is an important part of life. Writing a last will and testament is a great way to ensure that your legacy is seared into the people and things that you value the most. This document can ensure that your final wishes will be carried out on your behalf even after you are gone.
A last will and testament can be used to express your final desires for the division of your assets. If you have any debts or financial obligations, they can be taken care of as well. You will have the opportunity to divide your money, property, and possessions that you’ve acquired throughout your lifetime. You can designate exactly who will receive what and how much.
Writing a last will and testament is an incredibly meaningful way of celebrating your legacy and ensuring the security of your beneficiaries. You can use your will to reflect your wishes for the distribution of finances and other assets upon your death. Here is a list of things you should consider adding to your will:
- Instructions. Describe your wishes for how your financial assets should be distributed among your heirs.
- Administrator. Choose an individual to be in charge of overseeing your will and ensuring it is executed.
- Beneficiaries. Select the individuals or organizations that will receive any assets or benefits listed in the will.
- Provisions. Include any instructions or provisions for specific items, such as allowing access to family heirlooms to certain members of your family.
- Funeral Arrangements. Determine how you would like to be laid to rest or commemorate your life in some way.
Writing a last will and testament is an important step in ensuring that your legacy lives on. You can make sure that your final wishes are respected and that your family and loved ones are taken care of after you are gone.
No matter how daunting the task may seem, creating a Last Will and Testament for you and your family is an important part of guaranteeing their future. By following the above points – obtaining proper legal tools, researching your rights, and making sure to assign executor(s) – you can save them needless struggles in a difficult time. Armed with the proper paperwork, you never know how much of a relief it can be to have your wishes met.
Start planning your estate today, so your family can begin the grieving process and life after you arrive as smoothly as possible.