Common Parts of a Will | The Plan Firm

When many people think about a will, it can seem like an unapproachable document, containing a sea of sections, some of which are full of confusing legalese. But while some of the language can be confusing and the process itself can seem daunting, at its heart a will has one goal: Planning for your – and your family’s – future, including communicating your wishes.

Fortunately, by having a better understanding of the common parts of a will, you’ll be better prepared for creating yours.

Testator information

A will should include your name (“the testator”) and certain background details. This includes your state of residence, as well as a declaration statement that indicates you have sufficient mental capacity to make a will, are not acting under duress or undue influence, and other criteria to ensure that the will is valid. This part of the will also notes that it supersedes any other previous wills.

Personal representative

While a will is a written document laying out the instructions, the personal representative is the person you appoint to execute these instructions on your behalf. A significant part of the will is devoted to this person, including separate sections that:

Indicate who you want to be your personal representative, plus a backup in case this person is unwilling or unable to fulfill this role.
Authorize the personal representative to pay all your debts, taxes, and funeral and burial expenses.
Outline discretionary powers. A personal representative has sweeping powers to manage all of your estate’s affairs – including everything from managing your existing assets to acquiring new ones – so this person should be chosen carefully.

Guardianship

If you have children or other dependents, your will should include guardianship instructions to determine who will serve as your dependents’ guardian and how they should be cared for.

Disposition of property

Asset distribution is one of the main aspects people associate with a will. This part includes:

Naming one or more beneficiaries.
Stating clearly which of your assets will go to each.
Contingency language to determine the plan for asset distribution when a beneficiary has passed before you. In cases where there are multiple beneficiaries, this is often distributed in equal shares to the remaining beneficiaries.
Additional language to cover a situation where an asset cannot be sold. In this case, the personal representative may choose to donate it.

Other considerations for your will

Once a will is drafted and finalized, it should be signed by the testator and two witnesses, as well as notarized.

It’s also important to understand that while there are some common parts of every will, everyone’s situation is different. A specific section or language that’s in one person’s will may not fit in another’s, or it may be included in a different way. Customization is a key part of the estate planning process to ensure that all wishes regarding your estate are communicated clearly.

In addition, while wills serve as a core part of estate planning, they can work in conjunction with other documents, including powers of attorney, advance directives and trusts.

What’s included in a will?: Understand the 4 common parts