Writing a will is an essential part of establishing an estate plan. It is a legally binding document ensuring all wishes, even beyond death, will be accomplished by the remaining family members. However, as easy as it sounds, writing a will is difficult. It should include necessary elements, and here are some of them.
1. Title and Proclamation
The start of the will should include a title and proclamation. It should be clear who the choice declares as the person making the will and the testator. Afterwards follows the declaration that the intention is being made. The title and proclamation should also state that the will is the only final living will. Meanwhile, it should also include the full name and address of the person writing it.
2. Executor Appointment
The next part of the will is to name an executor who will handle the testator’s estate once they die. The executor is the person who will make sure that the will gets carried out and that wishes are accomplished. While it is a personal choice as to who will be the executor, choosing a person who can handle the responsibility is essential.
The executor should be someone who is at least 18 years of age. They should also be a person of imminently sound mind and good reputation who understands the will. If the testator has a spouse, they may not be a named executor. Lastly, it is essential to include their full name, address, and phone number.
3. Powers of the Executor
After the executor appointment, the will should also include the powers the executor will have. The executor gets full ability to carry out the wishes in the will. It means that the executor has the authority to sell real property, pay debts, and distribute assets among the surviving beneficiaries.
The actual will should also state how the executor will be holding the money and property after the testator’s death. There are three parts to this point. First, who will handle finances and property for the will to be carried out? Second, how should the assets be divided or distributed? Third, what happens if no heirs or the executor dies before the testator?
4. Residual Clause
The residual clause refers to what will happen to the assets and property of an estate after the executor is done with their responsibilities. There are two parts to this clause. The first is what will be the remainder of the deceased’s estate. The second is what will happen to the assets if there are no living heirs.
Lastly, the will should be signed and dated by the testator. It is essential to prove that the testator indeed made the will and that it is authentic. Make sure to include the name, address, and telephone number of the person who signed the will.
There should be two witnesses to the will, even if it is handwritten. The witnesses should be at least 18 years of age. They also need to be of sound mind and not involved in the will in any way. The witnesses should also be the ones who can attest that the testator signed the document willingly. They should also sign the paper and have their signatures witnessed by the testator.
These are some of the components of a will. It is important to note that the will should be evident and easy to understand. It should also contain all the necessary information that the executor needs to carry out the testator’s final wishes.
Ontario Wills offers quality legal advice from Ontario lawyers. We aim to provide an estate planning attorney to help clients with their will. Learn how to write a will by booking a videoconference scheduled with us through our website today.