Drafting a will might not be at the top of your to-do list, but it’s one of the most important steps you can take to protect your loved ones and plan for the future. Whether you’re starting a family, running a successful business, or settling into retirement, having a well-drafted will offers peace of mind, ensuring your assets are distributed according to your wishes and that your family is taken care of in your absence.
But where do you even begin? This guide walks you through the essential components of a will, helping you understand what to include and why it’s so critical.
What Is a Will and Why Do You Need One?
A will is a legal document that outlines your instructions for distributing your assets after death, such as property, savings, investments, and sentimental possessions. It can also detail other significant decisions, such as guardianship for minor children or appointing someone to execute your wishes. The absence of a will—known as dying intestate—can leave your estate in the hands of state laws, often leading to prolonged legal disputes and unintended outcomes.
Drafting a will doesn’t just protect your assets. It reduces the emotional burden on your loved ones during a difficult time and ensures that your intentions are clearly documented.
Still on the fence? Here’s a practical breakdown of what goes into a legally sound will.
Start with the Basics
Declare Yourself
Every will begins with an introductory clause that clearly identifies who you are and where you reside (city, state, and county). This clause confirms that the document is your official will and revokes any previous wills to avoid conflicting instructions.
Handle Outstanding Debts
Addressing how your debts will be paid is another standard component. Most wills ensure debts are settled before assets are bequeathed, with guidance reflecting applicable state laws.
Appoint a Guardian for Minor Children
One of the most critical decisions for young parents is naming a guardian for their children, should the unthinkable happen. Don’t forget to designate a backup choice in case circumstances prevent your first choice from stepping into this important role. Guardianship decisions should not be left open to interpretation or the court system.
Make Bequests
Identify Specific Bequests
Deciding how your remaining assets will be allocated is one of the most challenging yet significant parts of drafting a will. Specific bequests involve naming particular individuals or institutions (beneficiaries) and detailing the items or sums to be left to them.
For instance, a family heirloom such as your grandmother’s engagement ring might go to your niece, while a sum of money could be dedicated to a beloved charity. The key here is to be as specific as possible. A vague description like “my jewelry” could lead to confusion or disputes.
Handle the Residuary Estate
Your residuary estate includes everything left over after debts, taxes, and specific bequests have been distributed. The will should specify how the remainder is to be divided to prevent uncertainty.
Assets Outside of Trusts
If you’re using a trust—which can often simplify large or complex estates—it’s vital to address what will happen to property and assets outside of the trust. Furniture, electronics, and other personal items typically fall into this category.
Appoint an Executor
An executor is the individual or professional responsible for carrying out your will’s instructions. Choose someone trustworthy, as this role involves managing assets, paying debts, and ensuring beneficiaries receive their inheritances.
It’s also wise to name a successor executor in case your first choice is unavailable or unable to fulfill the duties. Some people opt for a professional executor or attorney if their estate is particularly complex or if they want to ensure neutrality in administering the will.
Follow Federal and State Laws
To ensure your will is legally enforceable, adhere to all applicable federal and state laws.
Signing Your Will
Your will must be signed and include your initials on each page. Two witnesses are typically required to attest to your signature, and their addresses should be included in the document for future reference, should their testimonials be required. Avoid using beneficiaries as witnesses to prevent potential legal challenges claiming a conflict of interest.
Keep It Current
Wills generally remain valid across state lines. If you move, you’re not necessarily required to write a new one. However, updates are advisable if major life events occur, such as the birth of a child, divorce, or significant financial changes. Regular reviews, ideally every three to five years, will ensure your will aligns with your current wishes.
Why Having a Well-Drafted Will Matters
For many, discussing the eventuality of death can feel daunting. However, a will is less about death and more about mitigating complications for your loved ones and ensuring your legacy is honored. Without a properly executed will, state laws determine who inherits your assets—and it might not align with your intentions.
A responsible estate plan also involves simplifying legal and financial matters for your family during what can be an emotionally overwhelming time. With clear instructions that reduce uncertainty and potential disputes, your loved ones can focus on honoring your memory rather than navigating a legal maze.
Need Help Drafting Your Will?
Your will is a reflection of your values and priorities. It ensures that your life’s work and cherished possessions are distributed to the people who matter most. But drafting a will doesn’t have to be a complicated or stressful process—you don’t have to figure it all out on your own.
At SD Mayer & Associates, we’re here to help simplify your estate planning and ensure that it’s comprehensive, valid, and tailored to your specific needs. Whether you’re a young professional, a new parent, or enjoying retirement, our team will guide you at every step.
Take control of your future today. Contact us to schedule a consultation and start drafting your will with the confidence that your loved ones will be cared for.
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