Final wills and testaments are legal documents that are filed with the state where the decedent lived. There are two types of wills that can be created, which are revocable and irrevocable. A revocable will is one that can be modified and replaced by the deceased at any time. In an irrevocable will, the last will is permanent and cannot be altered or cancelled.
The question then arises: How should you create your last will and testament? Learn how to write an accurate and valid will by reading below.
Consider State Requirements
Superannuation is another word for your ‘assets,’ and you want to ensure that it’s properly managed, along with your other assets in accordance with your state’s laws. For this reason, it’s crucial to consider the requirements of your state before writing a will. For example, some states require that a will must be signed within three days of death. This requirement may be different depending particular circumstances. Thus, it’s good to be knowledgeable regarding the individual rulings of your state.
A well-written will divide your wealth amongst your heirs, like your children, spouse, or other relatives who are dependent on you. If you’ve been married, you must remember that your state’s laws regarding probate apply to your will. If you don’t sign a will in accordance with your state’s laws, then you may risk having your property divided among your surviving heirs, including your spouse, even if you were legally separated.
Consult An Estate Planning Lawyer
You can consult with an estate attorney in person, as well as on the phone. If you opt to consult with someone in person and hire the lawyer to draft your will, make sure you choose someone who has experience. Find an expert in estate planning to get legal advice, such as how to manage your retirement and term insurance plan.
Include Basic Information For The Will
A will must include your name, physical address, and the date you signed it. It must also state that the document is your last will, taking the place of any other testament you made in the past.
Assign A Trustee And Name Your Beneficiaries
Some people choose to leave everything to their families. That’s why naming a trustee and a beneficiary is important when creating a will. This person is responsible to ensure that assets, like real estate properties, are managed in accordance with the deceased’s final wishes.
An estate trustee may also be called the executor. This is the person you name in your will to carry out your final wishes. In a will, you’re giving the estate trustee the right to manage the following:
- Digital assets (such as your cryptocurrency investments and reward points)
- Paying your debts
- Mortgage and other loan payments
- Funeral expenses
- Final income taxes
State How You Want Your Assets To Be Divided
Your last will must include details on how you want your wealth to be distributed. It should specify who will receive your specific assets, such as your cash, your cars, your investments, and your home.
Here’s the best way to ensure you list all your properties and intended beneficiaries correctly in your last will:
- Create a draft and list all your assets.
- Divide the list into sections, such as tangible and intangible assets. A tangible asset can be counted, such as vehicles and lands. On the other hand, an intangible asset cannot be counted (no physical existence, or hard to divide), such as patents, copyrights, and trademarks.
- Assign the name of the beneficiary next to the appropriate asset. Make sure to double-check all details before placing them in your last will.
Assign A Guardian For Your Children
If you have young or special children who are still dependent on you for financial support, then the name of a guardian must be included in the will. This is in case both you and your partner or spouse die at the same time. The designation isn’t legally binding. However, it guides the court to consider the person you want to care for your children when you pass away. This can be extremely helpful in any final decision of the court.
Sign Your Will And Power Of Attorney Agreement
In addition to signing your last will, you should also sign a power of attorney agreement. This is a legal document that allows someone to make medical decisions on your behalf if you suddenly get ill or cannot make a sound decision because of various reasons. This document can be drafted before you pass away.
Conclusion
There are plenty of ways you can accurately prepare and create your last will. However, you need to follow the law and a few simple steps to prepare your documents. Once you have completed these tasks, it’s important to check them for accuracy before giving them to your family.