There are a few things you should know when you’re making a will. It is critical to understand that a will is a legal document, and it must be made according to the laws of the state in which you reside. If your will does not meet these legal requirements, the court may find that your will was not valid, and may spend years trying to figure out what you would have wanted if the will were valid. While this may be good for lawyers, it can cause a lot of unnecessary expense for your heirs.
What is essential is that you should explore the concept of a will. It will not be a bad idea to explore DIY Will Kits in Victoria.
Approach towards writing a will
Understand the requirements
The first step in writing a will is to determine whether your state has any special requirements for wills. Most states require that an adult sign his or her own will. In most states, two witnesses are required to sign the document as well. Some states require three witnesses, and some do not require any witnesses at all. The witnesses must be disinterested parties who do not stand to gain anything under the terms of the will.
After the formalities are taken care of, you need to make sure that the document clearly spells out your wishes regarding property distribution, guardianships and funeral arrangements. If your state has specific requirements as to how this information must be presented in the document, you need to make sure that these requirements are met.
Interpreting the components of a will
Bequests. A bequest is a gift of personal property. You can bequeath cash, tangible items (such as jewelry or furniture), intangible items (such as stocks and bonds) or real estate. If you’re married, you can leave everything to your spouse if you wish.
Executor. This person is the individual who’s responsible for carrying out the terms of your will. If you have minor children, you should name an executor who would act as their guardian in the event of your death.
Guardian. If one or both parents are alive, they have the right to raise their children until they turn 18 years old. However, if both parents die before their children turn 18, someone has to assume guardianship to continue raising them until they become eligible for emancipation at 18 years of age. An executor may also serve as a guardian if he or she is willing and able.
Witnesses. You’ll need two witnesses to sign your will.
If you are thinking of drafting a will, contact a lawyer and get it done. A will is one of the most genuinely useful documents you can have, but only if it is complete, thorough, precise and well made. The law expressly says that a badly made Will may be successfully contested on behalf of the beneficiaries by the Executor of the Will (the person appointed by the court to administer your estate). So do it right at the outset rather than getting into that legal mess.