Posted in Triplett & Carothers on October 2, 2024
It’s hard to imagine one’s own death, which is why many people never write a will at all. But if you get past that hurdle, it’s important to be sure that your will is valid.
Here is a list of essential steps:
- Execute your will properly. In many states, a typed will must be signed in front of disinterested witnesses, who also sign it. How many witnesses are required varies from state to state. (The rules for handwritten wills may be different, though not all states recognize handwritten wills.) After you die, the witness(es) may be called to court to confirm that the will is truly yours. Some states also require that a will be notarized. If your will was not executed properly, it could potentially be invalidated.
- Avoid ambiguous wording. Describe all gifts and bequests clearly so everyone knows exactly what you mean. If you think there might be familial disagreement, include the reasons for your decisions. Clear descriptions include the location, physical appearance and other accurate facts of the items you are gifting. It’s also crucial to use beneficiaries’ legal names and name their relationship to you. You do not want a court to attempt to reconstruct your original meaning; this takes time, is costly and may result in inaccurate bequests.
- Ask for permission. Talk to your hoped-for executor, as well as the hoped-for guardians of your children and/or pets, to be sure they’d like these honors. Because they will be taking on important and lengthy positions, it’s essential to get their consent for the work they will do before you draft your will.
- Name an alternative representative. If someone refuses to act as your executor (or your children’s and/or pets’ guardian), a court must appoint one, which can result in differences between your plans and their execution.
- Make provisions for taxes and debts. If you don’t consider how to settle potential debts and taxes, your beneficiaries will inherit less than you wanted. Even if your estate is too small to be subject to federal estate taxes, your state may have its own estate tax law with a lower threshold.
- Include your digital assets. You can leave instructions in your will explaining what you want done with digital photos, documents and audiovisual files. However, you must give your heirs or executor the password to your password manager or the digital vault where you keep your logins, passwords and other critical information.
- Be unfailingly clear. Don’t try to write in legalese; use easy-to-understand English.
Additional considerations
If you use an online, do-it-yourself template, be sure your will is legally binding. Because every state has different requirements about what makes a will legal, you will want to check your state’s requirements. You may want to pay an attorney to review your work for completeness and legality as well as to be sure that you haven’t included impractical or illegal conditions.
You also should be sure to review your will periodically. You may need to update it as your life circumstances and laws change. If only minor changes are needed, you may be able to write a codicil; this updates the document without a complete rewrite. When you review your will, you should also review your pension, retirement accounts and life insurance policies to be sure that the named beneficiaries are still accurate.
Making a will is emotionally hard work. But if you are careful to avoid common practical mistakes, your intentions will be clear and your document will be valid. You want your will to fulfill its goal.
Reach out to Roz Carothers and her team at Triplett & Carothers to learn more.
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