A will is extremely important.
If you have children, the issues in a will which need to be dealt with are:
- Who should be their guardians?
- Who will be responsible for their education?
- Who will be responsible for managing your financial affairs?
- It is important to decide who to appoint as Trustees.
- It is important to appoint as your Executor and Trustees people whom you know personally and not, for example, huge financial institutions.
If you did not plan for it, but you have to divorce your partner after making a will, your will not become null and void. Whatever you had planned to leave for the former spouse goes to the category of residue property on the date on which you give divorce to your partner. It is better to make changes or create a new will altogether.
By authoring a new, individual will, you make sure that life is easy for your heirs in the event of your death and there will be no disputes over inheritance or property if you clearly mention them in the document. If you are not aware of the laws pertaining to writing a will, you must hire the services of an attorney to do so. This ensures that the document is legally binding. Contents of a will are written in the form of paragraphs containing all the details. Below is an example format of how a typical will is formatted.
Title & 1st Paragraph-State the author of said will and makes clear that author is under no external influence while writing will.
2nd Paragraph-Contains family specifics. Children, Grandchildren, Parents, etc.
3rd Paragraph-Identifies the executor and names method that will be used to execute your final wishes.
4th Paragraph-Names beneficiaries and property bequeathed to them.
The Closing paragraph-This pertains to the residue (leftover) of the property, if there is any. You need to sign the will in the presence of at least two eye witnesses. They need not know about the contents of the will. You then give the will to the attorney who will ensure that all legal rules are followed and the will becomes a legally binding document.
Remember, We are unable to give legal advice on any personal situations. If you have additional questions about common law marriage in your state, seek the assistance of a lawyer.