Hire a Lawyer for Wills and Trust: Know About the 4 Major Parts of a Will
Wills are crucial documents, and all need to create their Wills at the right time. It will help you securely distribute your assets and provide your loved ones with respite. While writing a Will, you must be very careful and put in all the requisite information. If you desire, you can also take guidance from a Will and Trust attorney before writing down your Will.
Every adult must have a clear understanding of what a Will contains. If you are looking forward to learning about the significant components, we have got you covered. In this article, we will be discussing the critical parts of a Will. Continue reading to learn more.
Four Major Components of a Will – What are They?
A Will consists of various things, but the four major ones are:
- Name and information regarding the testator for will planning.
- Name and power of the executor of estate wills.
- Appointment of legal guardians through family law advice.
- Listing the legal assets for asset prevention.
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1. Information Regarding the testator
If you have not yet started planning for your estate, this is the right time for you to start. Having a proper estate plan will not solve the purpose, so you need to have a well-written Will.
It is usually seen that most people prefer writing their own Will. As this is your first time, you can contact your family Will Lawyer. We are sure that it will eliminate all difficulties and make everything easy.
Before you head over to pen down the outlining and wishes for your estate, you need to do certain things. You need to clearly state your name, residential address, marital status, and dependents in your Will.
Once you have entirely written down your Will, make sure that you acquire the signature of witnesses. So only after this can you legally execute your Will. But before legally validating your Will, you must:
- be 18 years of age and above.
- Have the peaceful and sound mind to behold the testamentary capacity.
- Sign the Will voluntarily, without any improper and undue influence.
2. Appointment of the Executor Along with Their Responsibilities
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While you write down your Will, you must appoint an executor for distributing your property. If you wish, you can also take family law advice before selecting the right executor. In your absence, the executor will take full responsibility for your estate.
In other words, an executor is nothing but your representative who will look into your assets after your demise. These individuals are assigned with temporary custody and ensure your assets’ smooth and legal distribution. So before you pitch in the name of your desired executor, make sure that the person is willing to serve.
1. Nominating Guardians for Your Descendants
If you have descendants of your own, your Will planning attorney will ask you to appoint a guardian for them. So you need to nominate some trustworthy person who will play the role of their guardian until they become adults. And your Will also includes all the proceeds and assets you leave to them.
You must know you can also provide that guardianship to pets if you have any.
2. Inventory of Legally Owned Assets
The last and the most important thing that your Wills must contain is the list of all your legal assets. It includes all your financial support, personal belongings, and real estate. This will ensure your beneficiaries and the executor have a complete understanding of all your belongings.
To Conclude
After putting in all the requisite information in your Will, make sure you acquire witness signatures. Once you’re done, store your Will in a safe place and inform your family about it. You can also leave the Will with your family planning lawyer.
