Making sure you have a valid Will can prevent your Estate from being locked up in Probate for years and ensure the people you care about will be taken care of. This list has included some essential aspects of a Will.
Here are 5 things to include in your Will:
- You must revoke all prior wills. Without this, it could cause a conflict and hold up the process of distributing your Estate.
- Include a statement that says, “my Estate will go to my descendants per stirpes”. This statement is extremely helpful if you have children who you want to include in your Will. It means that if they pass away before you, your estate will go to your next lineal descendants. If you have other beneficiaries, it will be important to include other contingencies if they should pass before you.
- Include whether you want to distribute an asset to a beneficiary outright or in a Trust. This could be useful in many instances. For example, if you have grandchildren, you might not want them getting a large sum of money suddenly. A Trust could be a good option to distribute the money when they reach a certain age or for certain circumstances. In the case of minors, the court will have to get involved unless you have a Trust set up for them.
- Always name an executor and an alternate executor. This person will be the one that makes sure all of your wishes are carried out.
- Make sure all required signing language and any notary and witness requirements are fulfilled. An attorney can make sure your Will is completed correctly to avoid any future problems.
Bonus: if you think there will be people who want to contest your Will, add a no contest clause. If someone contests the validity of your Will or a provision in your Will, they will get nothing. This can prevent the process from being significantly slowed down.
There is a lot more than these 5 things to include in your Will. Contact Attorney Shiner here to get started planning your Estate.