A will is a legal document that is not effective unless properly
prepared and executed. Individuals should not undertake to execute
a will unless they are knowledgeable about the requirements of a legally
enforceable will or have had the opportunity to consult legal counsel.
The process of executing a will can be simple, but certain items should
be kept in mind while going through the process.
- All
wills should state what a testator wants done with his or her
remains and whether the testator wishes a funeral and/or burial.
- All
beneficiaries must be specifically named and amounts of bequests
specified.
-
Alternative beneficiaries should also be named in the event a
designated beneficiary dies before the testator. If money or assets
remain in the testator’s estate, an individual should be named
to receive the remainder in specific dollar amounts or percentages.
-
If a trust is established in the will, a trustee and an alternate
trustee must be designated.
-
All wills must designate an executor and an alternative executor
who will carry out the instructions of the testator set forth
in the will.
-
If there are children, appoint a guardian and alternative guardian
for any children under 18 years of age.
-
A will should also provide that an executor, guardians and trustees
will serve without bond.
-
All wills and codicils should have a self-proving clause and signed
and witnessed by 2 witnesses (who are over 18 and competent).
All of them must sign before a notary.
Remember:
The above list is NOT an exhaustive list of all of the "in's" and
"out's" of drafting a will. It is often wise to consult an attorney
before doing so.