A Last Will and Testament is a legal document that is prepared by someone before he or she passes away. You have to make it while your mental faculties are still intact. One cannot be considered an heir to your money if you do not give it away with a proper mention of the person in your last will.
You can easily get a Last Will and Testament template online at any of the websites where legal forms and documents are available free of cost for you to download. Read and know about some of the most important things that must be mentioned in your last will and Testament.
Names of Beneficiaries
The first thing to mention is the name of the people who would be your beneficiaries, such as your spouse/partner.
If you have a partner who needs to get your money and assets, then you should make a mention of him or her in your will, along with the amount that the person is supposed to get. However, if you are single, then you should mention other people such as your parents, siblings, friends etc, or some charitable organization, in your will. You may want to leave some money to them in case something happens to you.
You would probably like to leave your house to your spouse and children. You should mention the address of your home, including the city. Make sure that whoever inherits the property after you is aware where the property is located. A lot of people, even close relatives, do not know what they need to do to get their hands on your house.
Charitable Organization
Would you like to leave some money to charity? People often forget about charities until they are faced with the prospect of impending death. You should make sure that any money you leave to charity is left in a way that does not involve additional tax liability for any of your beneficiaries.
In many California last will forms, large sums of money or assets are left to charitable trusts and organizations.
Distribution of Your Assets
Who gets your stuff, and how much? Before making a legal document regarding your property, make sure that everyone knows exactly what and how much belongs to whom.
For example, you might like to give your entire estate to a very close friend, who is not related to you by blood. He / she might be a lovely person and you share a special bond together, but that person might not be taking good care of personal finances well at all and has issues with controlling spending impulses. You might like to leave enough to the person so that he or she does not have to face any financial difficulties in your absence.
Do you need a lawyer to draft your last will? Yes, it might be a good idea for you to hire a lawyer to help write a legal document that states who owns what and gives instructions on how to distribute your assets upon death. However, it is not mandatory in all cases and you can instead download a template of these types of documents from the internet and customize it for your own use. When duly signed and notarized, it can be legally valid.
