What is Last Will and Testament Drafting?
A last will and testament is a legal document that provides information about how you want to distribute your assets after your passing. There are various types of wills, such as a simple will that lists your assets and chooses your beneficiaries, and a joint will you draft with your spouse.
If you’d like to draft a last will and testament, you might wonder how to navigate the process, such as what information you should include in it.
Read the rest of this article to learn more about key terms you’ll typically find in a will, how to draft it properly, and the benefits of hiring a qualified lawyer for last will and testament drafting.
What are Key Terms in a Last Will and Testament?
There are specific terms that usually appear in a last will and testament, such as the following:
- Assets. The will must specify all the assets, such as money and real estate property, that will be distributed between your named beneficiaries.
- Executor. This is the trusted person you will appoint who will manage your estate and distribute assets to your beneficiaries.
- Guardianship. This is when you allocate someone to take care of your children if they’re under 18.
- Witnesses and signatures. These are usually required in many jurisdictions to make the will legally valid. You have to check your specific state laws to ensure you include all required details.
- Residue. This refers to what estate remains after all taxes, debts, expenses, and bequests have been fulfilled.
What are Tips for Drafting a Living Will and Testament?
If you want to draft a living will and testament, you should consider the following tips:
Detail all Asset Distribution
When providing guidance for asset distribution, your last will and testament needs to be clear and detailed to prevent ambiguity. For real estate properties, explain how they should be divided or managed. Similarly, for bank accounts and investments, be sure to identify all accounts and assign them to your specific beneficiaries. Make sure that all details are accurate and updated.
Explain Tax and Debt Instructions
You can, and should, include tax and debt instructions to protect you from financial challenges. This makes it easier for your executor to follow your instructions. Some things you could include are details regarding how your funeral expenses will be covered, what priority debt payments you have, and if the estate or beneficiaries will cover your taxes.
Choose Bequests
You might want to include a gift clause to cover any remaining assets. This makes it easier to distribute assets because it prevents anything from being forgotten or left out.
Don’t Neglect Digital Assets
Digital accounts and files should also be included in your last will and testament. For example, you might want to mention login information instructions for people allocated to handle your social media accounts after your passing.
Consider the Worst
When drafting your last will and testament, you should consider worst-case scenarios and provide processes for how to handle them.
For example, assign alternate beneficiaries in case your current ones pass away. Or, choose a dispute-resolution method should your heirs argue. This helps to provide a guideline for people who will be handling your affairs.
Review Your Will Regularly
Life changes, so you want to check in with your last will and testament regularly. Review it so that you’re still happy with everything it outlines. A lawyer can also help you with the process, as well as to ensure your document remains legally sound.
How Can a Lawyer Help with Last Will and Testament Drafting?
Hiring a lawyer to draft your last will and testament is advisable. They’ll conduct various activities that will keep the document legally valid and reduce your risk of disputes. Here’s a rundown of some things a qualified lawyer can do for you:
- They’ll ensure the will complies with all legal requirements in your jurisdiction so that it’s valid.
- They’ll identify and structure your assets. This prevents you from forgetting to include something important or creating ambiguous distributions that result in conflicts.
- They’ll guide you on choosing the most appropriate executor.
- They’ll advise you on how to choose and name your beneficiaries.
- They’ll draft provisions for minor children, which includes guardianship arrangements.
- They’ll reduce the risk of family disputes by writing a clear and specific last will and testament.
- They’ll explain your tax responsibilities and distribute your estate so that it lowers unnecessary tax burdens.
- They’ll help you manage complex assets, such as overseas property, so that they’re dealt with correctly in your will.
- They’ll consider potential legal risks so you can protect yourself.
- They’ll review your last will and testament regularly so that it continues to be aligned with your wishes.
Where to Find a Lawyer for Last Will and Testament Drafting
If you need to find and hire a lawyer to draft your last will and testament, you can use an online legal network that makes it easy to connect with a reputable, experienced lawyer.
ContractsCounsel is one of the largest online legal marketplaces that gives you access to a network of vetted lawyers. All the lawyers on the platform possess years of experience and have the expertise to assist you with all aspects of contract drafting and review.
Here are the steps to follow if you want to hire a lawyer to draft your last will and testament.
- Go to the ContractsCounsel marketplace.
- Post your project for free. Include a few details to help you find the most suitable lawyer, such as information about your assets and estate.
- Wait for lawyer bids. Receive multiple bids from lawyers directly on the platform who have the experience to help you.
- Review the lawyers’ profiles. Take some time to go through the platform’s extensive lawyer data, such as their location, client ratings for previous projects, expertise, and credentials.
- Connect with a lawyer you think is best suited to your requirements and hire them to draft a last will and testament for a flat fee.
