A will is often the foundation for an estate plan. In some cases, it might be the only estate planning document a testator drafts. Regardless of how complex an estate plan is, ensuring that a will is valid and accurate is of the utmost importance.
People who try to draft documents on their own or download templates from the internet can make mistakes that reduce the efficacy of their wills when they pass. Ensuring that a will includes the right elements increases the likelihood of the will holding up under scrutiny during estate administration.
What do wills generally need to include?
Testamentary language
Wills typically need to include language that makes it clear that the intent of the document is to establish a legacy for the testator. Appropriate language that includes instructions about legacy intentions is a critical component of any will.
Necessary signatures
Wills generally need to be written documents. They should feature the signature of the testator or an agent empowered to sign on their behalf if they lack the ability to sign. The law also requires the signatures of two witnesses who can affirm the testator’s identity and state of mind at the time when they signed the document.
Beneficiary designations
For many people, including a list of beneficiaries is the most important aspect of a will. The document needs to identify each beneficiary by name or by the nature of their relationship to the testator. In many cases, testators either grant beneficiaries a specific portion of their overall estate or the right to inherit specific resources.
Candidates for personal representative
Naming a personal representative to oversee estate administration is a key estate planning move. A personal representative must secure and manage estate resources, communicate with creditors and distribute assets to beneficiaries. Nominating an appropriate candidate to serve as the personal representative and identifying an alternate should they be unable or unwilling to fulfill their role is an important element of any will.
Guardians for dependents
If the individual establishing an estate plan is a parent, they may need to name a guardian for their dependent family members. Minor children and adults with disabling medical conditions may rely on the testator for financial support and daily guidance. Wills can include candidates who can take over that authority to support dependents when their current parent or caregiver passes.
Drafting a will that meets legal requirements and addresses major concerns is an important aspect of estate planning. People creating or updating wills often benefit from having support throughout the process to avoid mistakes and oversights that could invalidate their testamentary instruments.