A last will and testament, simply known as a “will,” is an estate document that allows a person (testator) to record where their assets transfer to after they die. The people that will receive the assets of the estate are known as “beneficiaries” and will receive possession during the probate process. The probate process begins between 30 to 90 days after the testator’s death (depending on the state).
A last will and testament is not filed with any government office, and the most updated version will serve as the official document.
Beneficiaries – The estate’s heirs that will receive the property, assets, and cash.
Children – Only to be mentioned as a matter of record. The purpose of this is if some children are cut out of a will. It lets the court know that a child wasn’t simply forgotten to be mentioned as a beneficiary.
Compensation – If the executor is an attorney, this allows their fees to come from the estate.
Digital Representative – To leave access to electronic devices and social media accounts to an individual.
Disinheritance Clause – Not naming a person is commonly enough to disinherit them from a will, but if the testator is worried about someone contesting this, they can specifically name them as not being a beneficiary.
Executor – Or “personal representative,” is a person that carries out the intentions of the will to the beneficiaries. It is recommended that an executor is not a beneficiary and should be a trusted individual or an attorney.
Executor’s Bond – Acts as an insurance policy in case the executor defrauds the estate. This protects the beneficiaries if the executor runs off and spends all the money from the estate, which is required in most states.
Expenses – It should be mentioned that any expenses due to the funeral, cemetery plot, or any fees be first deducted from the estate.
Guardian – For minor children, the testator can name a guardian they would prefer as the caretaker for any minor children. In such circumstances, it is common for the testator to give a considerable part of their estate to the guardian.
Marital Status – To ensure to any court that if a person is single, no one comes “out of the woods” and claims to be their spouse.
Pet Guardian – To name a person to take care of any pets. Like a guardian, a set amount of money is usually set aside for the person with this responsibility.
Predecease Clause – In case the main beneficiary dies before the testator. It allows other beneficiaries to be named.
Special Bequests – To name specific property to named individuals that may or may not be a beneficiary.
Trust for Minors – In the event of the testator’s minor children, a set amount of money, property, or real estate can be set aside until they reach a certain age.
An attorney is recommended but not required to create a will.
Two (2) witnesses are all that is required to make a will in 49 states.
Louisiana requires the testator and two (2) witnesses to have their signatures notarized (Art. 1577).
When signing a will, most states require that the two (2) witnesses be disinterested; this means that they do not benefit whatsoever from the will.
A will can be handwritten or typed as long as it is signed with two (2) witnesses in accordance with state law.
Yes, this is known as a “pet trust,” which allows the testator to set an amount of money aside for the animals and to name a guardian as their caretaker.