Should I use a last will and testament template?

Creating a last will and testament is critical for ensuring your wishes are respected after you die. You might think it's complicated or expensive, but with a last will and testament template, it doesn't have to be.

 

Whether a last will and testament template would work depends on your circumstances. Here are some key considerations when deciding whether you should just write a last will and testament yourself using a template or whether you should consider pursuing a more personalized will-writing experience.

Key takeaways for writing your last will and testament

• A last will and testament is a legal document specifying asset distribution after death, and all individuals ages 18 and above should consider creating one to ensure their assets are distributed as desired, potentially avoiding family disputes and complications.
• Creating a last will using a template can be simplified into recording personal details, designating beneficiaries and inheritances, and selecting an executor. Still, one must consider special provisions like guardianship for minors, trusts, and funeral arrangements.
• Regular review and updating of a last will is essential to reflect current wishes and circumstances, especially after significant life changes, and it must be legally validated through witnesses and, where required, notarization.

The complexity of your estate

 

Suppose you have a simple estate that includes a home, bank accounts, vehicles, valuable personal property, and some investments. In that case, your situation might be a good candidate for a simple will created with a template. Many of your assets may already be set up to pass directly to beneficiaries, notably a spouse—life insurance proceeds or bank accounts jointly held or with a listed beneficiary, for example. These are types of property that you wouldn't put in a last will.

On the other hand, if you have a more complex estate, especially if you have concerns about the federal estate and gift tax, a will template probably isn't the way to go. An estate planning attorney can help ensure that your tax owed is minimal, leaving more of your hard-earned assets to your beneficiaries rather than the government.

Your estate could also be complicated because of the types of beneficiaries you have. For instance, if you have a dependent who will need care beyond adulthood, you might consider special provisions, such as a living or special needs trust, that go beyond what a will template can offer. If you own all or part of a small business, you should also consider getting legal advice on creating a succession plan to pass on your interest once you're gone.

Understanding a last will and testament

 

A last will and testament is a legally binding document that outlines how one's assets should be distributed after death, appoints an executor, and may also include arrangements for guardianship and trusts. Your will is the cornerstone of a sound estate plan. All individuals ages 18 and above should consider creating a last will and testament in compliance with state or federal laws. Making a last will and testament guarantees your assets and properties are distributed according to your wishes after death, reducing potential confusion and family disputes. It also provides a sense of reassurance and control over your final phase of life.

Most assets, including tangible and digital assets, can be distributed in a will. You can specify the beneficiaries who will inherit your assets. You can also appoint an executor of your estate in your will. This person supervises your assets until their distribution through the probate process. However, not all property in your will is subject to probate. Some assets, such as those held in a living trust, joint tenants with the right of survivorship, or designated beneficiaries on accounts, will transfer directly to the co-owner or named beneficiaries who distribute assets, irrespective of the will's provisions.

The cost of hiring a lawyer to draft a last will and testament can vary between $200 and $1,000, depending on the location. Remember that your will may need to go through probate court after your death. This is a legal process where your will is reviewed, and an executor pays off any debts and distributes your remaining property to your heirs. But remember, the probate process is a public process, which means your last will and testament become a public record. If you are worried about your will become part of the public record, you may want to consider adding a living trust to your estate plan. A living trust is a way to help people avoid probate and keep the details of their estate out of the public records of the probate court.

Finding a last will and testament template

 

You can find free last will and testament templates online. Platforms like Microsoft Word offer last will and testament templates for free.

You can also find online will creation service providers like LegalZoom. LegalZoom's Basic Will plan for one person costs $99 and $199 for two people. This plan includes the following:

• 30 days of free revisions of your documents
• HIPAA authorization
• Healthcare directive
• Financial power of attorney

With LegalZoom’s Premium plans priced at $249 for an individual and $349 for two people, you can get your documents reviewed by an attorney, make unlimited revisions, and schedule unlimited 30-minute calls with an attorney on new personal legal topics.

Whether you use a free will template or purchase a will template, your last will and testament template should include the following sections:

Personal information

• Will title. This should be at the top of the form. The title identifies this document as your last will and testament and includes your full name.
• Location: This should include the city and state in which your will is written.

Personal representation

• The full name of the executor of your estate
• Full names of the guardians of minor children or pets

Assets, beneficiaries, and debts

• List all of your properties. This includes bank accounts, real estate, digital assets, and heirlooms you want to pass on.
• A list of your debt. This includes mortgages, credit cards, loans, etc. Your executor will need this information so that they know who to pay after you die.
• A list of your beneficiaries. This includes the beneficiaries' full names, what property you want to pass onto them, and any specific timing for them to receive their inheritance.

A good last will and testament template will include these sections, so all you have to do is fill in the necessary information. A great last will and testament template will prompt you to fill in vital information and leave you the space you need to create a will that is truly your own.

Crafting your last will: A step-by-step template guide

 

Having acknowledged the significance of a last will and testament, let's explore how to use a template to create one. Establishing a last will may seem overwhelming, but using a template can simplify the process. A last will and testament template is a tool that establishes a foundational framework for creating a personal will, thereby guaranteeing the inclusion of necessary components essential for forming a legally enforceable will.

Recording personal details

The first step in crafting a last will using a template is recording your personal details. These details are typically included in your last will's "introductory clause." It's like the title page of a book, providing essential information about you, the testator. It includes your full name and address and asserts your mental soundness when creating the will. This ensures that the will is a free and voluntary act without undue influence or coercion.

Providing an accurate name and address in a last will and testament is crucial because it helps appropriately identify the document's creator and makes it easier to locate the intended beneficiaries. This accuracy is not just about avoiding legal disputes; it's also about ensuring that your last wishes are executed without any unnecessary delays or legal hurdles.

Why is it necessary to assert your mental soundness while creating the will? Asserting your mental soundness ensures that you're of a "sound mind," a legal term that implies understanding the implications of your decisions in the will. Asserting this in your will is a way to protect it from future challenges on the grounds of your mental capacity during its creation.

Therefore, providing accurate and comprehensive information is crucial when recording personal details. Double-check everything before you move on to the next step. It's not just about filling in the blanks on a last will and testament form; it's about ensuring that your last will and testament can stand strong if your will is contested at some point.

Designating beneficiaries and inheritances

 

Once you've recorded your personal details, the subsequent step is to designate beneficiaries and specify their inheritances. This is a vital section of your last will because it dictates who will inherit your assets upon your demise. Beneficiaries are individuals or entities designated to receive the property and assets of the testator, including tangible personal property, real estate, and financial assets. This could be your spouse, children, other family members, friends, or charitable organizations. When designating any such person or beneficiaries, it is essential to consider the needs and circumstances of each potential recipient.

When assigning beneficiaries, clarity and specificity are crucial. Avoid using vague language that can lead to misinterpretations. For instance, instead of "my car to my son," write "my 2024 Tesla Model S to my son, [first and last names of son]." It's also recommended to mention in the will if any children or family members are not to be included as beneficiaries. This can avoid disputes and legal battles after your death.

Your last will's "assets and other property" section should encompass a thorough inventory of all valuables and specify the beneficiary assigned to each asset. Personal property includes any item of value that is not in the form of cash, including but not limited to vehicles, jewelry, collectibles, and furniture. A bequest clause specifying the individuals who will inherit your assets and how they will be distributed must be included.

But should you include all your assets in the last will? Not always. Assets not included in a will are real estate, such as property held in joint tenancy, assets with designated beneficiaries, and assets held in a trust. So, it's key to know which assets to include and which to exclude when designating beneficiaries and inheritances.

Selecting an executor

Once you've designated the beneficiaries and their inheritances, the subsequent step is to select an executor or personal representative for your last will. But who exactly is an executor? An executor, also referred to as a personal representative, is a trusted individual tasked with overseeing the management and distribution of the assets belonging to the deceased by the directives outlined in the last will and testament. Simply put, they are the person who will ensure that your final wishes, as stated in your will, are carried out.

Choosing an executor is a pivotal step. You need to choose someone you trust and who can handle this responsibility. This could be:

• a spouse
• a child
• a close friend
• a legal professional

However, the executor can't be a beneficiary in the will to avoid potential conflicts of interest. This ensures that the executor acts in the best interest of all beneficiaries and isn't influenced by personal gains.

But what if the person you've chosen as the executor cannot fulfill their role? This is when the role of an alternate executor comes into play. It's recommended to nominate an alternate executor and even a second alternate executor to ensure a designated individual can fulfill these responsibilities if the primary executor can't serve. This way, you ensure that no matter what, there's always someone you trust to execute your last will.

The selection of an executor should not be done without due consideration. It's about choosing someone who can handle the responsibility and is willing to take on the task. It's about ensuring your final wishes are respected and carried out as intended.

Legal requirements for a valid will

 

Having discussed the key components of creating a last will, let's examine the legal requirements that render a last will valid. Like any legal document, a last will and testament has rules and requirements that must be fulfilled to be legally enforceable.

First and foremost, the testator must be an adult who is mentally competent when signing the will. This means you understand the implications of your decisions in the will. In certain jurisdictions, individuals whose decision-making is impaired due to hallucinations or delusions resulting from a mental illness may be deemed incapable of making a valid will.

Next, the last will and testament must be signed by two disinterested witnesses or individuals, typically necessitating a minimum of two witnesses who are not eligible to benefit from the will in any manner. This ensures no undue influence or coercion is involved in creating the will.

Finally, state-specific regulations, also known as state laws, can significantly influence the validity of a will. For example, failure to adhere to state or federal law prescribed regarding wills or certain life events like divorce or bankruptcy can invalidate a will. So, it's crucial to ensure that your last will adheres to your state's laws to avoid any legal complications in the future.

Special provisions and clauses

 

Creating a last will isn't solely about asset distribution but also about accommodating your unique wishes and circumstances. This is where special provisions and clauses come into play. These can include provisions such as:

• Guardianship for minors
• Trusts
• Instructions for digital assets
• Funeral arrangements

Let's explore these special provisions in the following subsections.

Guardianship for minors

If you have minor children, one of the most important decisions you'll make in your last will is appointing a guardian. A guardianship clause is a stipulation within a last will and testament that designates a legal guardian for minor children, aiming to guarantee their safeguarding and welfare under the care of a trusted individual in the unfortunate event of the parent's demise.

Designating a legal guardian for children in a last will is of utmost importance as it guarantees that their welfare is placed in the hands of a reliable individual who, you have confidence, will prioritize the children's well-being. This is not just about who will take care of your children; it's also about who will make decisions about their education, health care, and upbringing.

But what if the person you've chosen as the guardian cannot fulfill their role? This is where a successor guardian comes in. Designating a prudent person acting as a successor guardian is crucial to ensure continuity of care for minors if the initially chosen guardian is unable to fulfill their role due to death or incapacity before the children reach adulthood. This way, you ensure that no matter what, there's always someone you trust in charge of your children's welfare.

So, while creating your last will, take the time to carefully consider who you want to appoint as a guardian for your minor children. Discuss it with them to ensure they're willing and able to take on this responsibility. After all, it's about ensuring the well-being of your children when you're no longer around.

Trusts and special bequests

Another notable provision you can include in your last will is establishing trusts and making substantial bequests. Trusts in a last will and testament pertain to testamentary trusts, which are particular types of trusts established as a component of a will. A special bequest denotes the gifting of a specific item that is expressly listed in the will and is easily distinguishable from all other listed assets.

Establishing a trust in one's last will and testament safeguards assets. It guides their utilization and distribution by the individual's intentions, providing such beneficiaries with authority over the management and allocation of assets following their death. This can be especially useful if you have minor children or beneficiaries with special needs or want to ensure that the assets are used in a specific way, such as funding a grandchild's education.

To establish a trust within your last will and testament, you would need to designate a trustee, select the beneficiaries, and clearly define the assets that will be placed in the trust. The trustee is the person who manages the trust assets, and they can be a family member, a trusted friend, or a professional trustee like a bank or a lawyer.

So, if you want to ensure that your assets are used in a specific way after your death, consider creating a trust in your last will. But remember, this is a complex legal process, and seeking legal counsel is recommended to ensure it's done correctly.

Digital legacy and funeral wishes

In today's digital age, your digital legacy is another vital provision to consider in your last will. A digital legacy includes:

• digital photos
• music
• social media accounts
• online conversations
• videos
• gaming profiles
• websites or blogs

It's about what happens to your online presence after you die. Incorporating a digital legacy in your last will holds significance as it guarantees accessibility of your online accounts and digital assets to a loved one and ensures they are managed by your wishes following your death.

To include your digital legacy in your last will, you must prepare a thorough inventory of all digital assets and accounts. This can be time-consuming, but ensuring that your digital assets are not lost or misused after your death is crucial.

In addition to your digital legacy, you can include your funeral wishes in your last will. These can be specific instructions about how you want your funeral or memorial service to be conducted, such as:

• the type of service
• music
• readings
• any other particular wishes you may have

However, remember that funeral wishes outlined in a last will and testament do not hold legal binding. It's recommended to communicate your funeral wishes, including funeral expenses, to your loved ones through a letter of instruction or direct discussion, in addition to including them in your will.

Including your digital legacy and funeral wishes in your last will ensures that your final wishes, both online and offline, are respected and carried out as you intended.

Avoiding common pitfalls

 

Even though drafting a last will may appear simple, there are common pitfalls to be mindful of. One such pitfall is not updating your last will after significant life changes. Life is unpredictable, and circumstances can change over time. You might:

• get married or divorced
• have children
• acquire or lose assets
• have your named executor or beneficiaries die before you

Any of these events can significantly impact your last will and how your remaining assets will be distributed after your death.

So, it's crucial to regularly review and update your last will to ensure that it reflects your current circumstances and wishes. As a rule, you should check your last will every few years or after any significant life event.

Another common mistake is not considering all your assets. When drafting your last will, include all your assets, even those you think are insignificant. This includes both tangible and intangible assets, such as:

• Real estate
• Vehicles
• Bank accounts
• Investments
• Retirement accounts
• Life insurance policies
• Personal belongings
• Digital assets

Remember, what might seem insignificant to you might have great sentimental or financial value to your beneficiaries, including reasonable compensation.

Lastly, avoid using unclear language that can lead to misinterpretations. Be as specific as possible when designating your assets and beneficiaries. Instead of "my car to my son," write "my 2024 Tesla Model S to my son, John Doe." This clarity will help avoid confusion or disputes among your loved ones after death.

Protecting your will: Witnesses and notarization

Confirming its protection and legal validity is vital upon creating your last will. One way to do this is through witnesses and notarization. To be considered an eligible witness for a last will and Testament, an individual must be an adult not related to the testator by blood or marriage. They should not be named as a beneficiary in the testator's estate plan. This ensures no undue influence or coercion is involved in creating the will.

The last will and testament must be signed by disinterested individuals, typically necessitating a minimum of two witnesses who are not eligible to benefit from the will in any manner. These disinterested witnesses' signatures are essential to validate the last will and testament. It's also recommended to include an attestation clause in your Last Will, which is the clause signed by the witnesses to attest the validity of the will and its signing by you, the testator.

In addition to witnesses' signatures, some states require notarization for a last will to be legally valid. This is where a self-proving affidavit comes in. A self-proving affidavit facilitates the notarization of the testator's and witnesses' signatures, thereby aiding in the validation of the last will. However, the requirements for notarization can vary from state to state, so it's essential to check your state's laws.

So, once you've finished drafting your last will, don't forget to get it witnessed and notarized if required. This will make your last will legally valid and help protect it from future legal challenges.

Comparing wills and alternatives

Although a last will and testament is a vital estate planning instrument, it's not the sole option. There are other tools and documents that you can use for estate planning, depending on your specific needs and circumstances. Some alternatives to a last will include:

• Living trust: allows you to place your assets in a trust for your benefit during your lifetime and then transfer them to your designated beneficiaries after your death. A vital advantage of a living trust over a last will is that it avoids probate, saving your beneficiaries time and money.
• Power of attorney: allows you to appoint someone to make financial and legal decisions on your behalf if you become incapacitated.
• Healthcare directive: allows you to specify your medical treatment preferences and appoint someone to make healthcare decisions for you if you cannot.

These are just a few examples of the tools and documents available for estate planning. It's essential to consult an attorney to determine the best options for your situation.

However, like any legal document, last wills and living trusts have their own benefits and drawbacks. For example, while a last will allows for precise identification of beneficiaries and ensures that your intentions are carried out, it offers limited flexibility compared to trusts. It is subject to public disclosure during probate, which can result in both time and financial expenses.

Other alternatives to a last will include designating beneficiaries on specific financial accounts to avoid the probate process and utilizing joint tenancies, which facilitate automatic ownership transfer upon death. There's also a living will, a legal document articulating your healthcare preferences in the event of incapacity.

Choosing the right estate planning tool depends on your needs, circumstances, and goals. It's recommended to consult with a legal professional to understand which tool or document would be most suitable for your situation.

 

Estate planning essentials

A last will and testament is a critical component of estate planning, but other vital documents must be considered. One such document is a power of attorney. A power of attorney is a legal document that allows you to appoint someone to manage your financial and property matters if you cannot do so yourself. This is especially important in situations where you're incapacitated due to illness or injury and can't make decisions on your own.

Another essential document is a living will. Unlike a last will and testament, which deals with asset distribution after your death, a living will deals with your healthcare decisions while alive. It allows you to make medical treatment requests, including decisions related to organ donation, pain management, and the acceptance or refusal of resuscitation measures in the event of a potential incapacitating event.

In addition to a power of attorney and a living will, a healthcare proxy can also be an essential part of your estate plan. A healthcare proxy is a legal document that appoints someone to make medical decisions for you if you're unable to do so yourself. This ensures that your healthcare preferences are honored, even if you're unable to express them.

Apart from a will and a trust, other essential documents that you may want to consider for a comprehensive estate plan include:

• A financial power of attorney
• An advance care directive
• A durable power of attorney
• Beneficiary designations
• A letter of intent

These legal documents serve a specific purpose and can help you create a comprehensive estate plan covering all aspects of your circumstances.

Last will and testament template vs. a handwritten will

A handwritten will, also known as a holographic will, is a type of will that can be controversial. A holographic will is usually written by the testator close to the time of death that has not been witnessed or notarized. Many states do not recognize a holographic will, but the states that recognize this form of will require proof that the testator was of sound mind when the will was written, the testator wrote the will, and that the will reflects the testator's wishes for their property. Because they aren't witnessed, holographic wills are subject to the probate process.

Because holographic wills are prone to being contested, using a last will and testament template makes creating a legally valid will easier. Because a last will and testament template guides you through the will-writing process, you have peace of mind knowing that you have the foundation of a legally valid will ready to be notarized and filed.

Likelihood of a will contest

If you have strong reason to believe that one or more family members may contest your wishes as described in your will, you should consider seeking professional advice. Wills created with a template are valid if they are correctly executed. If you are unsure of the laws of your state regarding proper will execution, professional advice on at least that aspect of will creation is advisable.

This caveat is significant if you are concerned that someone could question whether you were of sound mind or under duress while signing the will. Even with proper execution, your estate could still be in for a fight if the will doesn't correctly guard against potential contests within its substantive terms. Individual and professional estate planning advice could guard against that.

Summary

In conclusion, crafting a last will and testament is a crucial step in estate planning. It's not just about distributing your assets after your death; it's about ensuring that your wishes are respected, your loved ones are taken care of, and your legacy is protected. Whether designating beneficiaries, appointing a guardian for your minor children, creating trusts, or outlining your digital legacy and funeral wishes, every element of a last will serves a purpose. While the process might seem overwhelming, a template can simplify it, and understanding the legal requirements can help ensure that your last will is legally valid. So, don't delay this critical task. Start crafting your legacy today.

Frequently asked questions

 

Does Word have a last will and testament template?

Yes, Microsoft Word does have a last will and testament template available for free, compatible with all Word versions from 2003 onward.

How do you do a simple last will and testament?

To create a simple last will and testament, you can follow these steps: Make detailed property records, name an executor, add beneficiaries and designate the property, formalize your will on paper, sign the document, and maintain and update the document as needed. It's important to consider if you want to hire a lawyer or use an online service, identify your beneficiaries, choose a legal guardian for your child, consider other wishes, find two witnesses, and get your will notarized.

What is a last will and testament?

A last will and testament is a legal document that outlines how a person's assets should be distributed after their death and may also include instructions for guardianship and trusts. It designates an executor to carry out the wishes of the deceased.

Why is it important to update my last will regularly?

Regularly updating your last will is essential because it reflects your current circumstances and wishes, avoiding confusion, legal disputes, and unforeseen outcomes.

What is a digital legacy, and why is it important?

A digital legacy includes your online accounts and digital assets, and it's important because it ensures they're accessible to a loved one and managed according to your wishes after your death.