Drawing up your will at some point in your life is very important in order to maintain peace of mind for you and your family. A will is a document that includes all of your last wishes and is a way to ensure that the appropriate people receive your estate and handle your affairs.
If you fail to draw up a will and you pass away unexpectedly, the state then gains control of your estate, and may divide your assets in a way that does not honor your wishes. This is particularly problematic in terms of costs and where are children involved. Dying intestate drains your estate of funds for attorney's fees and court costs. It also subjects your minor children, if you have them, to placement with relatives that you may not have chosen.
In order to sidestep this problem, and the burden it will place on your loved ones, it is necessary for you to make a will. Below, you'll find some of the essential tips for writing your own will and doing it right the first time.
One of the essential tips for writing your own will involves the formatting of the document. You will want to include several paragraphs in your will, each of which will cover different aspects of your final wishes. A title is also necessary and should read, "The Last Will and Testament of," and then you should include your full name.
Another important essential tip for writing your own will is to include a statement that you are of sound mind while writing the will. This is just a way to legally show that you are not under any undue pressure from any outside party and that your will is written in your words.
If you have a spouse, include a paragraph describing this person. If you have children, also mention them by name and assign a legal guardian to care for them in the event of your death. This will ensure that your children are raised by the people you trust to love and care for them rather than state appointed individuals.
And here is another essential tip for writing your own will. You have to name an executor of your will. An executor or executrix as the case may be is in charge of carrying out your final wishes. In this section, you should describe any special instructions you wish the executor to carry out. The executor is also in charge of tying up all of your financial matters. This is an important role and you should only entrust it to someone that is capable of handling the responsibility, understands your wishes intimately and is willing to carry them out.
Next up, you should name the individuals that will receive portions of your estate. These are called gift requests. If you wish to leave your stamp collection with your son, or guitar to a sibling, you should describe it in this section of the will. After all of your belongings are assigned to people, you should then name who receives the rest of your estate.
Finally, the will must be signed in front of two witnesses. These two witnesses cannot be included in the will and must be of legal age. Once the will is completely prepared, bring it to your attorney for final approval and binding legal status.
There you have it. It's not a subject we like to think about, but it is necessary in order to live with the peace of mind of knowing your loved ones will always be taken care of upon the unfortunate event of your death.
Amy Nichols is a freelance writer and contributing author to http://www.howtowriteawill.com, a site providing free estate planning tips and information.