Creating a Will is an essential part of the estate planning process. It is your personal declaration of how your assets are handled in the event of your death. While the attorneys at Wilson Law, P.A. are here to help you navigate the process, it is important that you understand the terminology and anatomy of this important document.
The first part of the Will is known as the Declaration. In this section, you identify yourself, your heirs and swear that you are of legal age and of sound mind at the time of the Will’s creation. You must also declare that this document serves as your last Will, revoking all previous documents that may suggest otherwise.
The Executor is the name of the person who carries out the terms of your Will. Typically, the executor should be the person who has the best knowledge of your assets and your wishes for how they are handled. In this section, you would also define the powers of your Executor. For example, if there are certain properties that you do not wish to be sold, you would place a restriction for that specific property. You may also want to select an alternate executor should your primary executor pass on or become ill.
If you have minor children, you will need to name a legal guardian in the event both parents pass on before the children reach adulthood. If you are naming a couple, be sure to include both names.
In this section you will name all of your beneficiaries and include as much detail as possible about their relation to you. You may also want to include alternate beneficiaries in the event that your primary beneficiaries predecease you.
In this part of your Will you will list all of your assets, including property, bank accounts and anything of value.
In this section, you can make specific gifts to certain beneficiaries or provide a general directive as to how your assets are to be divided between your beneficiaries.
Last, but certainly not least, your Will must include your signature and the signatures of two witnesses. The date and place will also be recorded.
Other sections that may be included in a Will are funeral arrangements and payments of debts if there are any outstanding. At Wilson Law, P.A., we consider your Last Will to be the hallmark of estate planning. Please contact us for a free consultation so we can help you get started.