Download your free template for Last Will And Testament
What is a Last Will And Testament?
The last will and testament, simply known as a “will,” is a legal document that contains provisions for what to do with your estate after your death. The person drafting the will — otherwise known as a testator — chooses an executor to carry out the directives in the will during what is known as the probate process.
Why do you need to use Last Will and Testament?
A Last Will and Testament is an essential part of your estate planning making sure your assets are distributed properly among your beneficiaries. It legally protects your spouse, children, and your assets. It states exactly how you want your property handled after you have passed away.
If you don’t create one, your loved ones will have to do this all handling of your property and assets for you, which can be very expensive and difficult.
When do you need to use Last Will and Testament
A Last Will and Testament only become effective after the death of the person who writes the Will. After the death, the Executor manages all the records of real estate’s property, keep accounting details, and pay any outstanding taxes of the estate. The Executor then distributes the property to his beneficiaries as per his last will.
What are the main things that go on this form?
- You can either hire a lawyer or write your Last Will by yourself.
- Identify your beneficiaries.
- Choose the Executor that will manage your assets after your death.
- Decide on your guardian who will take care of your children.
- Mention other wishes like who will take care of your pets etc.
- Get your Will signed by two witnesses.
- Make it notarized (if your state wants this).
What are the most common mistakes to avoid?
Whether you have written your Last Will already or are thinking about doing it soon, there are certain common mistakes that you need to avoid:
- Not having two witnesses over the age of 18
- Not signing the Will
- Forget mentioning tangible assets like shares, bonds, or loyalty points, etc.
- Forget Choosing an Executor
- Excluding your stepchildren
- Not knowing your state laws
Do I need to use a lawyer, accountant or notary to help me?
You can easily make your will online without hiring any lawyer, accountant, or notary. Creating the form online can save you money than hiring a lawyer. There are different websites like FormPros have a staff of lawyers, entrepreneurs, and tax professionals on board to assist you with questions, and intuitive software to guide you through each step of the process.
Why use our Last Will generator?
Our tool asks you key questions to ensure you create a Last Will and Testament that meets all the needs of you and your family, looks professional and is legally binding. And for a fraction of the cost that a lawyer would charge.