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Last Will and Testament

2What is a Will?

A will is a legal document that lets you tell the world who should receive which of your assets after your death.

It also allows you to name guardians for any dependent children.

Without a will, the courts decide what happens to your assets and who

is responsible for your kids.

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Why Should You make a Will?

• It is important for you to make a will because if you do not, and die without a will, the law decides what happens to your property.

• A will can ensure that proper arrangements are made for your dependents and that your property is distributed in the way you wish after you die.

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You do not have to have your will in any set format. However, it is important that

the will has the following:

What are the

important

components of a will?

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• Your name and address

• A statement that says you disown all earlier wills, such as "I hereby revoke all former wills and testamentary instruments made by me and declare this to be my last will and testament".

• A clause or section of your will that appoints one or more executors, or people who will carry out your wishes in your will after you die, and stating these executors' names and addresses.

Parts of a will…continued

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• A residuary clause, which is a section in your will that sets out how property not effectively dealt with in the will should be distributed. This is important because specific bequests, such as "I leave x.. to Sean Murphy" can fail (be considered invalid), and then revert to the residue to be decided by this residuary clause. Your residuary clause could say that anything not covered in your will would be a gift or legacy to someone, like "The remainder of my estate I leave to my daughter, Mary".

Parts of a will…continued

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• Your will should be dated and signed by you and your witnesses. Usually, these signatures are underneath a line in the will that states "Signed by the testator in the presence of us and by us in the presence of the testator". This statement is called "an attestation clause". An attestation clause is not a formal requirement of a valid will, but it is advisable to include it in your will as it constitutes evidence that your will has been validly executed.

Parts of a will…continued

8Resources

• http://www.citizensinformation.ie/en/death/before_a_death/making_a_will.html#la82be

• https://www.nolo.com/legal-encyclopedia/wills• http://money.cnn.com/retirement/guide/estateplanning_wi

lls.moneymag/