5 Will Drafting Tips

While no one likes to think about his or her own death, it is important to be educated and prepared about end-of-life financial requirements so that any money, possessions or debts you leave behind are distributed exactly the way you plan.  Below are tips to avoid common will drafting mistakes and ensure your possessions, finances and loved ones are taken care of after you are gone. 

1. Understand the Process. Because there are multiple elements that go into creating an estate plan, it is important to learn about the basics of making a will.  Each state has different legal requirements, thus, you must be clear about what a will includes, the limitations, how many witnesses you need, and the like.
2. Work With a Lawyer.  Professional guidance will ensure you are interpreting the law properly and creating a binding legal document. 
3. Carefully Select Witnesses and Executors.  Make sure the people who will carry out your final affairs after your death are trustworthy.  It is also a good idea to have a backup executor in case the person you originally designated dies before you or is unable to serve.
4. Include Small Details.  Consider establishing a trust and include sentimental belongings so nothing falls to intestacy or state inheritance law.  This will also prevent family feuding about your intentions.
5. Tell Someone Where It’s Located.  A will’s instructions can only be followed if it is found after your death, hence, it is important to inform your executor or family members where it is stored. 

See AJ Smith, 5 Tips for Writing Your Will, ABC News, Dec. 20, 2014.