Create your final legacy document: A 7-step guide to drafting it
During the process of writing your own will, there are certain factors to consider to ensure the document cannot be challenged in case of a disagreement. Essential guidelines to remember.
At certain moments, the question arises of who should inherit the valuables accrued over time. A will is mandatory - and some may choose to create it independently. Necessary details for your consideration.
Point 1: Compile a list of your assets
Firstly, it's crucial to enumerate all tangible and intangible assets to ascertain what assets are obtainable. This serves as a good foundation.
Point 2: Decide who should inherit what?
Next, one must think about which individuals should inherit what assets. "By and large, the legal heirs prevail," shares Paul Grosz, a Munich-based attorney specializing in inheritance law. Legal heirs comprise, in order of priority, the spouse/spouse, children, parents, and other kin. Disregarding some heirs is possible, albeit they still maintain their statutory share.
Point 3: Take your time
Avoid hastily composing a will, as it's imperative to ponder what will happen if the unforeseen occurs. "It's also necessary to contemplate what should occur if the unanticipated befalls," explains Eberhard Rott, a Bonn-based legal professional specializing in inheritance law. For instance, imagine a testator desires to bequeath a sports car to their daughter and intends to outline this in their will. If the testator sells the car beforehand, it cannot be bequeathed. However, the money the testator gains from the insurance company after the accident could still be bequeathable.
Additionally, it's essential to name potential substitute heirs - for circumstances when the authentic heirs refuse or cannot inherit due to prior demise.
Point 4: Converse with the heirs
Prior to drafting a will, it's beneficial to converse with the potential heirs. This involves discovering their interest in certain assets that you may wish to bequeath. "Owing to the fact that the children may lack interest in, for example, international real estate to inherit," Rott explains.
Similarly, it's vital to discuss with probable heirs regarding their interest in items like stamp collections, a vehicle, or valuable paintings. Who knows if no one is intrigued by this or that?
Point 5: Pen the will by hand
The handwritten will must be done by hand and legible. "A will composed on a computational device is invalid," states Grosz.
The document should also contain the comprehensive name of the testator/testatrix and be signed by hand. The signature must be placed beneath the written text, not above or alongside the document to guarantee the will's validity. Otherwise, it might be that the will is invalid in its entirety or partially, according to Rott.
Point 6: Focus on articulate statements
Clear and specific language is crucial in the will to prevent disagreements. "If the will is ambiguous, it can instigate disputes," Rott adds.
Point 7: Seek notarization
Lastly, it's suggested to have the will notarized. "This ensures the will's validity and feasibility," claims Grosz. The notary will verify the will's completeness and accuracy and will also authenticate the signature.
In your will, you need to mention the formal names of the beneficiaries, their birthdates, and addresses. Constructs such as "my husband," "my wife," or "Aunt Emma should inherit XY" are inadequate and could be misconstrued. Substitute beneficiaries also necessitate these particulars.
To the extent possible, items that are to be given to each beneficiary must be described in detail. When deciding on the heirs, it's crucial to write down the corresponding percentage share in each instance - for example, two children inherit equally.
Point 7: Ensure document's security
It's not compulsory, but: If you wish to confirm that your self-written will is lawfully valid, you should have it reviewed by a notary or an inheritance law professional. This guarantees that the final will complies with the prerequisite requirements.
Even innumerable scenarios, it's often prudent to consult a legal professional before creating a will. "A will can be customized in a multitude of ways, laypeople often know the assorted alternatives," Grötsch clarifies.
Read also:
- Inheritance law advisors often recommend that testators consider potential legal issues related to their wills, such as contestations or judgments that could impact the distribution of assets to beneficiaries.
- Consumers should be aware of the inherent complexities in inheritance law and may benefit from seeking the advice of a legal expert to ensure their wills are legally sound and free from potential challenges or misinterpretations.
- If a will is challenged in court, the beneficiaries of the estate may face costly and time-consuming legal issues that can result in judgments that significantly impact the inheritance.
- To minimize the risk of legal complications, it's essential for individuals drafting their wills to carefully consider the potential assets they will bequeath, the individuals who will inherit them, and to clearly articulate their wishes within the will to avoid ambiguities or misunderstandings that can lead to disputes or challenges.
