Last Will & Testament, Complimentary Will Template
Brad Smith • March 23, 2020
Writing your will is a strenuous process and deciding the content is even more so than constructing the final document.
Various small details and important decisions need to be considered as it is going to affect your family, business, and assets. However, it is important that you write your will and don’t leave these matters to the state. There are a few things that you should think about before you write your will.
Nominating Guardian for Minor Children
In case your partner is unfit or has passed away, you should nominate your child’s guardian in your will. Doing so, you keep the authority in your hand and the state can’t make the decision for you.
In your will, nominate your first and second choices for a guardian and answer the following questions about your nomination:
- The relationship between the adult and your child?
- What makes you believe this adult can provide constant care?
- Is the adult morally fit to take care of the child?
Before naming the potential guardian, discuss this decision with them. Carefully appoint the co-guardians, preferably a stable couple.
Selecting Beneficiaries and Your Personal Representative
Your spouse, children, extended family or charities are the most common beneficiaries. If you’re married, your assets normally go to your spouse after your death. Yet, it’s necessary to plan for what if circumstances. In case you are remarried, you may not want your assets to go to your new spouse but to your children instead. You should write such wishes, so they are honored when you’re gone. Be mindful of the property you own and what is shared as you can only give away your portion of shared property.
You should trust the judgment of the executor (also known as “personal representative”) you appoint for your will. Appointing family members may be cost-saving but your will may not be executed properly as they will be already coping with the loss. Hence, it is advised you don’t appoint family members as executors. Make sure your executor is trustworthy as his responsibilities include notifying government agencies of the death, locating beneficiaries, handling the probate court process, etc.
You can organize
the records, make a checklist and share the location of important documents (including appraisals, warranties, passwords to the bank, email, and other digital accounts) with the executor to make the process easier and understandable.
Additional details that your will should cover are:
- Instructions for handling your digital accounts
- Personal property details along with beneficiary names
- Property maintenance directions
- Nominating caretaker for your pets
Final Considerations
To write a will, your mind should be capable of answering the following questions
- What is a will?
- Who are your beneficiaries and what is their relationship with you?
- What property and how many assets you own?
- How to distribute your property to beneficiaries
Avoid including assets such as annuities, life insurance, and retirement policies in your will as beneficiaries are already appointed for these.
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