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Key components of drafting a will

On Behalf of | Jun 11, 2024 | Estate Planning

A will is the starting point of any estate plan. This legal document provides instructions on how assets should be distributed upon an individual’s death. However, a will can also carry out several other functions.

To ensure that a will serves its intended purpose, it has to be drafted appropriately. Here are some of the key components of drafting a will.

Naming beneficiaries

Those benefiting from the assets in your will are called beneficiaries. Often, beneficiaries are family members and close friends. However, entities, such as charities, can also be beneficiaries. To ensure that your assets go to the intended parties, you will need to name them in the will.

Choosing an executor

The executor is the person tasked with administering the estate. They will deal with the probate court, keep relevant parties informed of the administration of your estate and ensure that your assets go to your beneficiaries. Your chosen executor should be named in the will and other relevant legal documents.

Appointing guardians

A will also gives you the option to nominate guardians for your minor children. Guardians can be family members, relatives, close friends, or anyone you deem fit to raise your children should something happen to you. To avoid confusion, your chosen guardians should be named in the will.

Creating a clear and valid will can help prevent disputes by beneficiaries after you’re gone and help ensure that your assets benefit those closest to you and others to whom you leave them. Having experienced estate planning guidance while developing your will and other estate planning documents is invaluable.

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