Elements of a Last Will and Testament
Elements of a Last Will and Testament
Let my heiress have full rights, live in my house, sing songs that I composed.
- Anna Akhmatova
Having a
Last Will and Testament empowers a person to declare his or her end-of-life wishes and makes it easier for those left behind.
As part of an estate plan, creating this document can ensure that the part or parcel of the properties of the departed can go to the designated person whom he or she wishes to inherit the assets and property. It can also ensure the care and well being of children according to their wishes.
• You would want your property distributed according to your wishes after your death.
• You want to specify the list of people or organization that will receive your property.
• You want to list the person or group to whom will carry the conditions you have stated on your will.
• You want to stipulate the name of the person to whom will be responsible for minor children if parents are unable to take care of them.
• You want to use sophisticated estate planning if the value stipulated on your will is higher than $5.34 million (in 2014, indexed for inflation) because this is already larger than the federal estate tax exemption amount.
• Computer and internet related properties can be pass along smoothly using a last will testament. These digital assets includes online account or digital files, social networking websites, online backup services and other forms of digital media properties.
A last will and testament need not be complicated to write for its purpose is to have written document of your wishes or desires in relation to your properties or children if you pass away to avoid family disputes or confusion.
Keep in mind the following when writing your will:
• Choose your Beneficiaries
Your beneficiaries are the people who will inherit your properties and specific possessions or even digital assets you own. This includes your spouse, children and other relatives and friends.
• Appoint an Executor
Choosing a well appointed executor can make a difference on how your will be executed specially regarding the legal and financial matters of your estate. Choose someone good in numbers and well organized as a person. Look for qualities rather than anyone close to you.
• Pick a Guardian for your Children
Your spouse is the most likely candidate when it comes for the care of your children. Since your spouse will possibly receive an ample amount of assets she will be the reliable guardian that can take care of your children. You can make separate provisions for the children in case something happen to your spouse.
• Sign your Will with Witnesses
Your signature is a very important component in your will because this will be the only thing that can validate this document. You should be of legal age and mentally competent in order to validate your will. Check with your state laws regarding notarization and witnesses that can be needed to make your will a legal document.
What to Do After Writing Your Will
• Put your Will in a Safe Place. Place your will in a secure place. It would be wise to create copies to be given to people you trust like your children, spouse or executor.
• Finish your Estate Plan. A Last Will and Testament can only be a part of your estate plan and not the whole thing. A Power of Attorney, a Living Will and a Living Trust should be made for your love ones.