-A last will and testament are a crucial aspect of life. Due to this vast significance, they demand your full attention. A lot of things are usually at stake, and if you don’t plan well, you may risk the future of your loved ones.
It is common for some people to avoid the thought of writing a will until it is late. But fun or not, it is an excellent idea to know what will happen to our loved ones when we die. That is so uncomfortable, but it’s part of life. For parents with people who depend on them, the need to write a will cannot be underscored.
Writing a will today shouldn’t be as stressful as it was in the past. The process has become simpler, thanks to online tools and experts available. That aside, how do you write a last will and testament? Here are the essential components of successful will writing.
Understand What a Will and Testament Are
What is a will? Most people have heard of this word, but not many are familiar with the actual document. A last will and testament define what happens to your loved ones and property when you die. It addresses who inherits your belongings and who will ensure the success of that.
If you don’t have a will, you give the government the powers to act on your behalf. For this reason, it is an excellent idea to prepare your last will and testament early enough. Acting on time doesn’t influence how long you will live or sooner you will die.
Writing the Will
Drafting your will demand a lot. For example, you must understand some terms and follow the set rules. One of the things you must do is title the document as ‘’Last Will and Testament.’’ You must also include your full legal name and address. You must be of the legal age and sound mind when writing the will. Make it a role to declare all these and remember your last will cancels any previous wills.
Appoint an Executor
The executor you appoint will settle your affairs and ensure everything is upheld. Appoint a backup executor just in case the first option isn’t available. This is applicable especially when the first-choice passes on or can’t perform. You also have the luxury of choosing how your executor will be paid.
Designate a Guardian
Having a guardian answers the questions on who will take care of your loved ones upon your demise. Whether it is your children or elder parents, a guardian is responsible for taking care of them. But you don’t want to choose just anyone. It is advisable to appoint someone close enough to the loved ones. They should also be willing to handle the challenges that may come along. Besides, you may consider naming an alternative guardian in case the first choice will not be there.
Identify Your Assets and Beneficiaries
Identify your money and properties, whether in real assets or digital form. Then, decide on what you want to happen to them when you pass away. It doesn’t end there; choose your beneficiaries. These are the people and entities who will receive these assets. In most cases, it may be your family and friends. Some people may prefer charitable organizations to benefit from their investments. Regardless, ensure that you define this clearly.
Name a Witness and Sign the Will
The last will and testament only become official when signed. Of course, you are the vital signatory here. But you need at least two witnesses also to sign, even though this number may vary from state to state. The witnesses should also be of legal age and sound mind. Another critical requirement with the witnesses is being disinterested parties.
After signing the will, store it in a safe place. The choice of where to store it depends on you, but a safe deposit box is the best. Let your executor know this, or else people will end up looking for the document forever.
Drafting a will is one way to ensure your family and assets are in good hands. That is why you will need reliable information to maneuver this process. Forms.legal.com has all the necessary details to assist you. You may download a free last will and testament template here from our legal forms section.