Clients often tell me how much they procrastinate when it comes to doing their will. There are many reasons for it, but I often hear that many clients don’t know what to expect. A look at the typical clauses that appear in a will can remove the mystery and relieve any hesitation you may have about having a will prepared.
First, despite what you may have heard, there is no such thing as a “standard will.” Drafting a will is quite personal to each individual. However, most wills include these eight general features.
1. Declaration and Revocation Clauses
The declaration clause states that the document is your will and revokes any previous wills to ensure and confirm that this document expresses your current wishes.
2. Family Information
One of the legal requirements to execute a will is that you know the objects of your bounty. his merely means that you know and identify your immediate family.
3. Payment of Debts and Taxes Your creditors
This clause provides instruction for payment of debts and taxes so that your executor can distribute your remaining assets.
4. Specific Gifts
This is where you list specific tangible items you would like to give to a designated person.
5. Residuary Gifts
Anything not specifically given to another person is covered in this clause. Whatever is left in the hands of the fiduciary after paying debts, taxes, and specific bequests is distributed to those persons identified as beneficiaries in the residuary clause.
6. Executor
This provision is where you name the person who is responsible for following the carrying out the instructions in your will.
7. Administrative Provisions
These clauses, usually in many subparts, explain in detail what your executor can and cannot do with your assets during administration of your estate. They cover how the executor should invest assets, establish the power to pay taxes and debts, and define what happens if beneficiaries die simultaneously with you, among other concerns.
8. Signatures, Witnesses, and Self-Proving Affidavit
At the end of the will, the person executing the will signs it in front of the required witnesses. Summary
Not all wills are the same. If you have minor children and need guardians or a trust for them, a will details your wishes. That, however, is the point: a will expresses what you want. There is nothing to fear or procrastinate about. It is in your and your family’s best interest to have a will that is drafted carefully to meet your individual objectives.
Final Thoughts
Remember: “An ounce of prevention is worth a pound of cure.” When making your estate plans or when probating an estate or administering a trust, do not go it alone. Be sure to engage a Cincinnati estate planning attorney.
For more information about estate planning, probate, or trust administration in Cincinnati (and throughout the rest of Southwest Ohio) and to review free resources regarding estate planning, probate, or trust administration, visit my website. If you have questions regarding this article or a particular legal matter, feel free to contact me at 513-399-PLAN (7526). David H. Lefton is an Estate Planning and Probate Attorney. He is a partner in the law firm of Barron, Peck, Bennie & Schlemmer.