You may have decided that it is time to commit to a Will or revise your existing one, but you may be unfamiliar with the most important components of one. There are a few key elements every Will should include, outlined here below. You can begin to think about these items in advance to prepare for your meeting with your Wills and estates lawyer in Sherwood Park, Alberta.
Basic Information While it may seem obvious, your Will needs to have your full name, current address, and the current date. Be clear that this version of your Will shall replace any versions previously made and/or signed. Assignment Of An Executor You will need to assign an executor for you Will. This person (or persons) is responsible for gathering up estate assets, paying your debts, and distributing the remaining assets amongst your beneficiaries. Provisions Regarding Debts and Debtors It is always prudent to be very clear in your Will about sources of debt and expenses that will or may still need to be paid upon your passing. Of course, it is understood that debts can fluctuate over time, as can assets. However, including a general provision about your sources of debt, and how they must be paid prior to administering your estates assets, is very important. Specific Names of Assets & Corresponding Beneficiaries In your Will, you will want to account for all assets of value, including specific items that you own. It makes the estate administration more straightforward to bequeath specific items to specific beneficiaries, although it can be time-consuming to do so. You may find it worthwhile to refer in your Will to a separate letter of wishes that you can update from time to time for sentimental items you may have, such as paintings, pieces of furniture, fine jewelry, valuable dinnerware, et cetera. If it is too difficult emotionally or simply too burdensome to plan who will receive specific gifts, you may work with your Wills and estates lawyer in Sherwood Parker on devising an effective formula or general process by which a general group of assets may be distributed amongst a number of beneficiaries. You can specify fractional shares of the estate residue, while still naming specific beneficiaries for the most valuable assets, or assets that you want a specific beneficiary to receive for any reason. Signature and Witnesses One of the most important measures to take is to sign your Will in the presence of two independent witnesses. An unsigned Will can present significant legal difficulties after your passing. Wills & Estates Lawyers in Sherwood Park Drafting a clear and effective Will can be complex, especially with the need to consider unexpected possibilities that can and do arise at times. Call us at Spratlin Law Office today to prepare your Will in accordance with your wishes and your loved ones’ best interests. We can help you to communicate your estate plan. Our Will lawyers are located in Sherwood Park. Call 780-464-5404 today.