Most Important Components of a Will
Preparing your last will and testament can be daunting and it may seem a little morbid. However, the problems that can be caused by you not having a will can make it all worth the time and effort. Taking care of your children and other loved ones after your passing is just one of the benefits of living trusts and wills in NJ estate planning. Here are the most important components of your will.
Your Opening Declaration
The first thing and perhaps the most important part of your will is your declaration. You must state your full name, your place of residence first. After that, you must state that this is your last will and testament and that this will deem any previous will written null and void. During the declaration, you will also state that you are of the legal age to create a will and that you are doing so in sound mind, not under duress.
Name Your Executor
The executor of your will is the person that will carry out the terms set forth in your will. The person that you name as the executor will need to have intimate knowledge of how you want things to be carried out after you are gone. Most people name a primary executor as well as an alternative in case the primary executor cannot carry out the duties.
Specifics about Beneficiaries
You want to be as specific as possible when it comes to your beneficiaries so that there is no mistake who they are. It is smart to name alternate beneficiaries as well in the case of simultaneous death. This is especially true in the case of spouses.
If you have questions regarding what needs to be in your will, call an estate planning attorney today.