Most people don’t want to think about it.
But putting it off can create a big issue further down the line. And no, the issue being addressed here isn’t a dental appointment, but it is the writing of a will.
A will is a legally binding document that states how a person’s assets and property will be distributed after their death. It also typically includes instructions for the care of any minor children or dependents and the appointment of an executor. A will is only valid upon the death of the testator, and it’s usually necessary to prove the will in court after the testator’s death to establish its validity and authenticity. And, of course, a will should always be drawn up by a trained lawyer to ensure that it is valid.
But it is a pretty complicated document, so what should be in a standard will?
Names and Addresses
The name and address of the person making the will (the “testator”). This is a must-have across most of the Western world, whether you are in Canada or are looking into hiring a legal family will service in Cardiff, Wales. The name of the executor may also be put in the will.
Revocations
A statement revoking any previous wills or codicils (amendments to a will). This will only apply if this is not the first will that has been written by this person.
Executor Identification
A valid will must also contain the appointment of an executor who is responsible for carrying out the instructions in the will.
Beneficiary Information
You may have heard that you can leave all of your assets in a will to your pets. Sadly, this is not the case! But you can record specific bequests, which are gifts of specific property to named individuals or organizations, which may be your cat, dog, or even your budgie! In this instance, it will be left to someone who will look after the animal in question for you after you have passed away.
Residuary Bequests
These are gifts of all or a portion of the testator’s remaining property to named individuals or organizations. So, if you want to leave a portion of your assets to the Houston Humane Society, for example, they would be listed here, with the sum of money that is to be left to them when you have passed away.
Money for Children
Any provisions for the care of minor children or dependents will also be listed in a will, which may also give instructions relating to the sale of a property or assets to cover care costs until the child or children reach the age of 18.
Debts and Expenses
Most people pass away with some form or another of debt.
So, a statement of the testator’s desire that any debts and expenses be paid from the estate should also be included in the will. If they aren’t, any of the assets that are left after taxes will usually be used to pay off debts.
Signatures!
A will must have the signature of the testator, as well as the signatures of two witnesses, who must attest to the testator’s signature and the testator’s mental capacity at the time the will was executed.
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