Wills and trusts are the backbone of estate planning. While wills and trusts differ, they each serve their own purpose. This article will break down the different pieces of a will. (To see the anatomy of a trust, see this article.)
Laws vary by state and wills in one state may vary from what’s needed in another state. Mathews Law serves clients in Maryland and Virginia, so the information below is specific to those states and their requirements. Mathews Law stays up to date on current laws to ensure estate plans prepared are legally sound.
Basic Components of a Will
Title and Declaration: The beginning of a will identifies the document as the last will and testament and confirms that the person (the testator) is capable of making such decisions (they are of sound mind and body.) If other wills have been prepared, this will also declare that prior wills are revoked.
Family Information: This portion will name family members for identification purposes.
Appointment of Executors (Personal Representatives): This section will name the personal representatives that will have responsibility for managing the estate and distributing assets according to your estate plan.
Disposition of Property: This portion of a will details property and assets owned by the testator and outlines how it should be distributed among beneficiaries. This section will also outline backup beneficiaries in case your primary beneficiaries die before you do.
It’s worth noting that some assets, such as retirement accounts and life insurance policies, have their own beneficiaries and will not be included in this disposition.
Residuary Clause: For items, possessions, or assets not mentioned elsewhere in the will this section will outline how those should be distributed. For example, perhaps they should be sold and the proceeds distributed equally among the beneficiaries.
Guardianship: If you have minor children, this section will outline who you would like to act as their guardians.
Signatures and Witnesses: Both Maryland and Virginia require the will to be signed by the testator and witnessed by at least two individuals. The witnessing process ensures that the will is legally valid and reflects the testator’s true intentions.
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