Writing a will is a reliable way to escape a costly and time-consuming probate process and to preserve the power to endorse your wishes when you’re gone.
Probate is the court-supervised process by which your assets and debts are inventoried and paid, and any remaining assets are distributed. Probate is technically defined as the court procedure by which a will is proved to be valid or invalid. The term “probate” generally refers to the legal process wherein the estate of the deceased is administered. Most people want to avoid probate because it is expensive, time-consuming and public.
To ensure a will is valid, the court must be satisfied that:
- The decedent was of sound mind when he signed the will
- The signatur e is authentic
- That the will was pr operly witnessed
- The will was never modified or cancelled
Some of most important elements required to draft a proper and valid will are listed below:
- Properly sign the document with at least 2 witness signatures.
- Date your will. If you make a codicil, or amendment, be sure to provide the date it was signed.
- Assign your executor.
- Assign your guardian or trustee of trust .
- Inform your beneficiaries and executors about wher e your will is located.