Knowing how to write a will yourself is one way to put your assets in order for the future. Planning ahead is essential to avoid conflicts that may arise due to being ill-equipped. Here are the important factors in writing a will:
Introduction of the Will
Write the date of the will on top. This is important because the will's validity is based on the latest date if more than one will is made. Then the introductory clause is written wherein your complete name, address and even birth date is added to certify that the person mentioned in the will is truly you. Another thing to note is declaring that you are in good health and state of mind in executing the will.
Body of the Will
You will then identify your executor or trustee of your will. This should be a trustworthy person, because he will carry out the instructions of your will. You will authorize him to administer the will after your death which includes but is not limited to the following:
- Pay your debts
- Pay your taxes
- Pay estate administration costs
- Pay funeral expenses
You also have to be clear if your executor will post a bond or not. Make sure to include how the executor will be paid.
You will then state the distribution of your assets. If a property is to be divided among a number of people, it is best to place exact percentages to be given.
Ending of the Will
A residual clause is needed to ensure that any possessions not mentioned in your will also be properly allocated to the rightful heirs. When everything has been written down, you will sign after the last line of the will and on each page of it. Your witnesses will also sign the document.
Preparing for the future is not a burden, but an approach for giving you peace of mind. Writing a will is important not just for you, but also for those who are left behind.