Wills are an important foundational element to an effective overall estate plan. Because of how important wills are to an estate plan, it is useful to have a good handle on what they do, what should be included in them and how to properly execute a valid will.
Wills are an important part of the estate planning process because they allow estate planners to direct how they want their affairs to be handled, including how they desire for their property to be distributed. It allows them to name who they want different items of their estate to be passed to. Wills can help put the estate planner’s affairs in order.
Wills serve a simple purpose but can be complex so it can be helpful to have trained guidance to ensure legal requirements for the will to be valid are met. One of the requirements for a will to be valid is that the estate planner is of sound mind. In most circumstances, wills must be written. Additional signature and witness requirements may also apply so it is also useful for estate planners to be familiar with these requirements. Estate planners should also remember to update their will if they experience any major life changes or other change in circumstances.
Estate planners and their families should also be familiar with different possible circumstances that may pop up such as a will contest which makes understanding how to draft and execute a valid will such valuable information for estate planners to have. A valid will can provide peace of mind for an estate planner and their family members which is why they should ensure they thoroughly understand the process.