Did you know that 68% of adult Americans don’t have a will?
To an extent, this isn’t a surprise. By writing a will, you’re both acknowledging your inevitable demise and actively planning for it. Despite that, this is one of the most important things you can do for your loved ones.
Not sure how to write a valid will? Here are the four key requirements you’ll need to meet, regardless of what state you live in.
1. Physical Document
First, your will needs to be in writing, i.e. exist in a physical form. You can either write it by hand or compose on a computer and print it. A digital copy, such as a PDF of your will, isn’t considered valid.
You can also make an oral will, known as a deathbed will. However, these wills generally aren’t accepted for public policy reasons. Some states may recognize them, but only in special circumstances.
2. Testamentary Capacity
For your will to be valid, you must be of sound mind when writing it. That means you need to be conscious and aware that you’re making a will. You must understand the nature of your property and relationships.
You also need to make your will voluntarily. If someone who has power over you is pressuring you to make a will, it won’t be valid. That type of improper pressure is best known as undue influence.
Challenging a will often involves allegations of a testator’s lack of mental capacity. For this reason, it’s recommended not to put off estate administration until it’s too late.
3. Signatures and Final Wishes
The person who makes a will must sign and date it. If they’re physically not able to do it, they can direct someone else to sign it in front of witnesses. It’s also common to sign or initial each page of the document.
You may also use your will to name your executor. An executor is a person responsible for your property division and estate administration. Naming them isn’t mandatory, but it makes things easier.
4. Two Witnesses
When you sign a will, you need two witnesses to sign it as well. In most states, the witnesses need to be of legal age. By signing the will, they confirm that the testator seems to be mentally competent.
Most states require witnesses to be people who don’t inherit under the will. If a witness is a beneficiary in a state that doesn’t allow it, they won’t inherit anything. The other portions of the will remain valid.
The only exceptions to the witness rule are holographic wills. That requires the testator to write the entire will and sign it. That said, holographic wills may not be easy to prove and many states still don’t allow them.
A Valid Will Made Easy
As you can see, writing a valid will isn’t too complicated. As long as you’re familiar with your state’s laws, this guide will tell you everything you need to know. Just remember: when it comes to wills, sooner is better.
Want to know more about how a will can influence the disposal of property? Keep checking out our Finance section!
