Last Will & Testament
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This last will & testament is for use to convey an individual’s wishes about the distribution of assets and other matters after his or her death.
Available in MS Word. 7 pages.
Description
A will, or a last will & testament, is a legal document by which a person (called the testator) declares his or her wishes regarding how property is to be distributed at death. The will names an executor to manage the estate until the final distribution of the property.
Contents
Article I – Family
1.1 Family
Article II – Personal Wishes
2.2 Personal Wishes
Article III – Executor
3.1 Executor
Article IV – Expenses and Taxes
4.1 Expenses & Taxes
Article V – Gifts of Property
5.1 Disposition
5.2 Specific Bequests
Article VI – Powers of the Executor
6.1 Powers of the Executor
6.2 Taxes
6.3 Employment of Professionals
6.4 Nonliability of Fiduciaries
Article VII – Guardianship
7.1 Guardian of Persons
7.2 Authority of Guardian
Article VIII – Miscellaneous
8.1 No Contest
8.2 Savings Clause
Attestation
How to Use
(1) Fill in the blanks with the appropriate information.
(2) Remove the yellow bracketed highlights.
(3) Review the document carefully to ensure it conforms with your wishes before signing. Please consult an attorney if you have legal questions or need assistance.
FAQs
What is a will?
A will is a legal document that dictates where you want your assets to go after you die.
Why do I need a will?
It is important to have a will so that in the event of your death, your loved ones will not be confused about how to distribute your assets on top of coping with grief.
How old do I have to be to have a will?
In most states, you need to be 18 years or older.
Is a will legally required?
No, a will is not legally required. However, if you die without a will, your assets will be distributed based on the state’s intestacy laws instead of your will.
What is an executor of a will?
An executor is someone given the legal responsibility to take care of a deceased person’s remaining financial obligations.
Who can be an executor?
An executor must be an adult under state law. An executor can be a family member or a bank, trust company, or a professional with experience handling estates. You should get the executor’s approval first before naming him or her in your will.
How can I make things easier for the executor?
Leave a list of assets in a safe deposit box or some other safe and accessible place for the executor, including copies of your will and trusts, funeral wishes, insurance documents, investment and bank accounts, real property, business interests, and any other assets.
Who can witness a will?
A witness must be an adult who will not be receiving any gifts in the will. It is best if the witness is not related to you.
What if I want to make changes to my will?
You can draw up a “codicil,” which is an amendment to a will. It must be signed, dated, and witnessed, as well as refer to the original will.
What is probate?
After your death, your will must go through probate, a court procedure in which the judge first has to make sure your will is valid and then sign a court order to transfer your property over to your beneficiaries. In some states, the probate process can be lengthy and expensive.
Can a will be contested?
Yes. Anyone has the right to come to court to challenge the will, and then it would be up to the judge to decide. However, you can insert a no contest clause in the will that can help to dissuade a will contest by threatening to take away any gifts to the person contesting the will.
What is a guardian?
A guardian is someone who is legally responsible for a minor child or minor children’s physical care, health, education, and welfare.
Do I need to appoint a guardian in the will if I have no minor children?
In that instance, it is not necessary to appoint a guardian. Since no guardian is necessary, simply delete Article VII in the will template regarding guardianship.
Do I have to have two witnesses to my will?
Most states require that a will be witnessed by two adults 18 years and older. These witnesses should be “disinterested,” meaning that they have no interest and do not stand to inherit from the will.
Does a will have to be notarized to be valid?
No. Notarization is not required for a will to be legal. In most states, however, a will is required to have two witnesses in order to be valid. As of December 2010, only Vermont requires three witness signatures in addition to the testator’s. In some states, an optional notarized affidavit called a “self-proving affidavit” attached to your will may save time in the probate process. The self-proving affidavit is a sworn statement by you and your witnesses that the will you all signed is valid. During the probate process, if a witness can’t be located to testify about the validity of your will, then the notarized affidavit can suffice. However, not all states allow for notarized self-proving affidavits.
What is a bond?
A bond is an amount put up as a type of insurance policy to protect the estate from potential losses caused by the executor.
