Last week we touched on three of the most important, and necessary, end-of-life documents: The Will, Power of Attorney, and Advance Care Directive.
Each has its own distinct purpose, and by completing all three you are covering your bases as far as your final wishes regarding what will become of your personal property/custody of minors, who will take care of handling your finances while you’re still alive and you can’t do it yourself, and your end-of-life wishes regarding serious medical care.
Now, let’s focus on the Will—which doesn’t have to be as complicated on you might think! Read below for the basic outline, and some additional tips! This information could be helpful whether or not you intend to purchase an online template—you might want to know what information you will be responsible for including!
As always, not legal advice! 🙂
What Does a Will Look Like?
A Will is a legal document that typically contains at least the following sections:
Personal Details
This section identifies who you are, using full legal names, and that you are of “sound mind and body” at the time of drafting your Will. You state that that you intend for this document to serve as your Last Will & Testament.
Appointment of Executor
Addresses who will be the “Executor” of the Will. The Executor has the duty of carrying out the duties of Executor as listed in another section. You may list a main Executor, and then a back-up Executor, if needed. If you have no Executor, or have no back-up Executor, you may appoint one legally with your banking institution, if-eligible. You may stipulate that the Executor is financially compensated by your estate, and by how much.
Duties of Executor
States where the duties of the Executor begin and end. The Executor may be authorized to carry out the duties such as Distribution of Assets as defined in the Will, as well as cover any other costs such as funeral expenses, any outstanding debts, facilitate the sale of remaining assets, and/or pay the taxes associated with the estate. Any additional expected duties may be assigned.
Distribution of Assets
This section is a detailed description of essentially who gets what, in terms of your personal property. Use full legal names, the names of the asset/property, and how much each person receives. If the asset is financial, names and percentages may be used.
Guardianship
This is an important section because it identifies who will care for minor children or people in your care once you or their caregivers are no longer living. Many people have a Will specifically for the importance of this section. For example, if both parents were to pass away at once, this is the area that directs where the children will live. This section can also be used for pets.
Signed/Dated
Signature required. Dated. Note the total number of pages of the Will.
Witnessed
Some state laws require the Will be signed by at least 2 witnesses who are present, of legal age and of sound mind and body, and who have no interest in, or gain from, the document.
Notarized
Only if required by state law.
Miscellaneous Info
Include who will receive a copy of this Will, and let the Executor know where the original will be kept or filed.
Next Steps:
Thinking about your own Will, do you have a complex situation and need to consult an Estate Planning Attorney, or could you create your own either DIY or use a template online?
Who Should Get a Copy of My Will?
A signed, notarized (if required) copy should be kept with you, and one distributed to anyone listed in the Will.
Where Should I Keep My Will?
If you use a attorney to draft your will, they will likely keep a file for themselves and give one to you. You can keep yours in a safe place like a home safe or safe deposit box at your bank (it’s recommended to have another copy accessible even outside of the bank in case they make it hard to access). You may also be able to keep one on file with your local probate office. Probate is the legal process in which the death is recorded and the Will becomes activated. Laws vary by state.
Update your Beneficiaries!
Beneficiaries (who inherits the account) are listed on bank, retirement, and investment accounts. These designations may supersede what is written in the Will. For example, if your Will says a certain person gets what’s left in your bank account, and the beneficiary listed on that account is someone else, the beneficiary listed on the account may prevail. Update your beneficiaries!
Let’s acknowledge that these are heavy topics! Most importantly of all is that the information you desire to happen upon your death be recorded somewhere, legally. How good would it feel to allow yourself, and the people you leave behind, that peace-of-mind?
Unlocking Abundance 