How to Know What to Put in Your Last Will and Testament
Formally known as a "last will and testament," the will is an important estate planning tool that allows you to provide for your heirs upon your death. The will is one of the many types of legal tools available to you to plan for after your death. Generally, the most negative aspect of using a will is that the will must be presented to the probate court upon your death. Probate will take a fee from the assets of the will and will take many months to administer your estate. Knowing what to include in your will is critical prior to drafting the document.
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Instructions
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Take an inventory of your personal property assets. Specifically take note of any individuals items of high value, such as a stamp collection or an expensive car. Make sure to include in your list any cash and investment instruments, such as stocks and bonds. You should include all of your personal property in your will. If you do not wish to list each and every item, particularly those of insignificant value, you should use a residuary clause in the will. A residuary clause states that all of your property that is not specifically listed in the will transfers to a specific heir.
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Take an inventory of all of your real property. Real property includes houses, buildings and land. If you have any complex real property interests, such as an easement, make sure to also include it in your will.
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Designate an executor for your will. The executor will be nominated in the will and will act as an administrator of the estate after your death. The executor will have the power to gather your property and distribute the property to your heirs. You should also consider including an alternate executor if the first executor is not living or declines to serve.
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Choose a guardian for your minor child if you are a parent. If your child is 17 years old or younger, it is important to select an adult that you trust to take over parenting after your death. If you choose a guardian in your will, it gives that person legal custody over your child. Choosing a guardian avoids a state agency having to place your child in a foster home.
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Tips & Warnings
Estate planning is a complex process and the laws of each state vary greatly.
This article does not constitute legal advice. Consult an estate planning attorney.
