A Last Will and Testament is a legal document by which a person decides who will manage his/her estate at death. A Last Will and Testament is a legal declaration that is the first building block to your estate planning.
Last Will and Testament
It is necessary to draft a will in the event of an untimely death if you’ve got a family to care for. A normal person with a sound mind can draft his or her own will with or without the aid of an attorney although there are pitfalls into which home-made wills can fall. It is important to know that the testator must sign and date the will, usually in the presence of at least two disinterested witnesses
On the last will and testament document, the testator’s signature must be placed at the end of the will. If this is not observed, any text following the signature will be ignored, or the entire will may be invalidated if what comes after the signature is so material that ignoring it would defeat the testator’s intentions.
An important thing in your will is how to distribute your estate and properties to your children or other beneficiaries. When you draft a will, you need to consider what property should include in your will. You can be as specific or as general as you’d like when you’re naming property in your will. You can break down specific or individual pieces of property that have special value, like jewelry or antiques. In the event that property isn’t designated in the will, it reverts to the state’s probate laws for distribution.
A will may also be revoked by the execution of a new will. Most wills contain language that expressly revokes any wills that came before them, however, because normally a court will still attempt to read the wills together to the extent they are consistent.
Last Will and Testament Template
Last Will and Testament sample: there are many free sample you can make a reference to create your own personalized template, in your template examples, you need to include key elements: Name and place of residence, assets list, Name of an executor to manage the estate, Name of a guardian for minor children, Signature, Witnesses signature etc.
The first section of last will and testament template is the family details. In the part, you need to give details of your spouse, and how many children you have and their date of birth.
The next section of last will and testament template is the appointment and authorities of executors. In the part, you will appoint an executor and give details about the roles and responsibilities. For example, you can give statement: My executors shall have full and absolute power in his/her discretion to insure, repair, improve or to sell all or any assets of my estate, whether by public auction or private sale and shall be entitled to let any property in my estate on such terms and conditions as will be in the best interest of my beneficiaries, also, the executors shall have authority to engage the services of attorneys, accountants and other advisors as he/she may deem necessary to assist with the execution of this last will and testament and to pay reasonable compensation for their services from my estate.
Another key consideration in the template is the beneficiary and alternative beneficiary. In the section, you need give details and instructions for the beneficiary and alternative beneficiary based on special conditions.