Preparing a Last Will and Testament is an important aspect of estate planning. Life is unpredictable. You need to make sure you do right by your loved ones and ensure your assets are smoothly transferred if something were to happen to you. This article discusses the most important things you need to consider when learning how to make a will.
Making a last will can be a long and complicated process. Some of the most important aspects include:
1. Deciding Who Gets to Be Your Child’s Guardian
If your child is under 18 years old when you are preparing a last will, you need to decide who their legal guardian will be if you and your partner pass away. Safeguarding your children’s future is essential here, and you need to make sure you pick the right person for it.
Some of the things you need to keep in mind when choosing a legal guardian include:
- Where do they live?
- What type of values, religious beliefs, educational views, and parenting style do you want the guardian to have?
- What is their current age and health condition? This consideration is particularly important if you want the child’s grandparents to be their legal guardian.
- What is the financial situation? Do they have children of their own? Can they support your child and give them the life you want?
2. Naming an Executor for Your Will
Choosing the right person to execute your will is easily one of the most important decisions you will make when preparing a last will and testament. The executor of a will is the person or institution responsible for administering your estate as per your wishes after you die.
An executor’s duties include:
- Filing court papers to initiate the probate process
- Taking an inventory of your assets
- Using your funds to pay any bills
- Preparing and filing your final tax returns
- Transferring your assets to the beneficiaries in your will
We recommend choosing an executor who is responsible, trustworthy, well-organized, and capable of handling paperwork.
3. Deciding What Happens to Your Assets
The key purpose of your last will is to determine what will happen to your assets when you die. Even if you have a simple estate, this is an important consideration. Having a will in place for these assets will allow your family to avoid the hassles of intestacy and ensure that your assets are distributed as per your wishes. Intestacy refers to when a person dies without a Last Will and Testament in place. In this case, the state law gets to decide what happens to the assets. If you need professional guidance on this, we suggest seeking help from an estate planning attorney.
An estate planning attorney can also help you determine which assets cannot be transferred through a will. These include retirement benefits, annuities, beneficiaries of a life insurance policy, securities in transfer-on-death accounts, etc.
Being aware of these factors helps you prepare a comprehensive last will and testament that ensures all your assets are accounted for. It can also prevent any disputes between family members in the future.
4. Think of Your Pets When You Make a Will
Another important consideration when learning how to make a will is deciding what will happen to your pets when you die.
Laws do not allow you to leave money or other types of property to your pet. Laws state that animals are property, and one piece of property cannot own another piece of property. However, you can plan to make sure that your pet has a good life after you die. Use your estate plan to make sure that:
- your pet goes to a caring person or organization, and
- the new caretaker has the resources to take good care of him or her.
You should assign a formal caregiver for your pet who can look after them if something happened to you.
Consult your friends and family members to pick the right person for this role. You should make sure that a specific caregiver can look after your pet without disrupting their routine. They should also be financially stable so they can care for your pet.
5. Make a Will that Includes Your Assets
6. Make a Will that Includes Digital Assets
Your estate isn’t limited to physical assets, such as your house, cash, and other property. It also includes digital assets. These include your social media accounts, funds in online financial accounts, such as PayPal, copyright licenses, software, digital photos, etc. You can distribute some digital assets through a last Will and testament.
7. Making the Last Will and Testament Legally Binding
A valid will must include specific language to ensure its validity and enforceability. This language typically includes:
- Testamentary Intent: The document must clearly express the testator’s intention to distribute their property upon their death.
- Capacity: The testator must be of sound mind and legal age at the time of drafting the will. This ensures that they understand the implications of their decisions.
- Beneficiary Designation: The will should specify who will inherit the testator’s assets, including both primary beneficiaries and contingent beneficiaries in case the primary beneficiaries are unable to inherit.
- Appointment of Executor: The testator should appoint an executor, who is responsible for administering the estate according to the terms of the will. This includes distributing assets, paying debts and taxes, and handling any legal proceedings.
- Witnesses: Most jurisdictions require wills to be witnessed by two or more disinterested parties who can attest to the testator’s signature and capacity. These witnesses should not be beneficiaries or closely related to beneficiaries to avoid conflicts of interest.
- Revocation Clause: A provision should be included in the will that explicitly revokes any prior wills or codicils to avoid confusion regarding the testator’s final wishes.
- Date and Signature: The will must be dated and signed by the testator in the presence of witnesses, indicating their acknowledgment and approval of its contents.
Including these essential elements in a will helps ensure that it is legally valid and can be upheld in probate court.
Wrapping It Up
Learning how to make a will may sound like a complicated process, but with the right tools at your disposal, it can be easy. Once you have determined how you want to distribute your assets, you can select which method to use to prepare the will. Online wills are available for convenience, and some are even offered for free. These resources can help you gather your assets, as well as gifts you want to bequeath, at your own pace to make the will process easier and more organized.
8. Registering Your Will
A will that cannot be found holds no value. Studies indicate that 76% of wills cannot be located when needed. People choose various places to store their wills. Often, individuals wish to conceal their wills from family members, while others share the location with loved ones. It is unfortunate that wills are frequently moved or updated without anyone knowing their whereabouts.
A will without a known location has no value. Studies show that 76% of wills cannot be located when needed. People store their wills in various places. Some individuals hide their wills from family members, while others share the location with loved ones. Unfortunately, wills are often moved or updated without anyone knowing their whereabouts.
This underscores the importance of not only registering your will but also storing a copy in the iCloud. Both options are free and ensure that your family can find it when needed. Registering your will and storing a copy in the iCloud provide peace of mind, ensuring easy access to your final wishes for your loved ones.
