A will is a very personal document that is unique to the individual who wrote it (also known as the testator). There are certain clauses, however, that will ensure an efficient and effective will. The following must-have will clauses will guarantee legal validity and help avoid complications and confusion when it is time for the will to be put in place.
Declaration and Revocation Clauses
The purpose of these two clauses is to state that you undoubtedly intend for this to be your will. Within the declaration clause you are giving affirmation that this document is indeed your will while the revocation clause supports this statement by saying that you revoke all prior wills and codicils that may have been prepared.
Residuary Clause
A Residuary Clause is a provision in a will that speaks to property and assets which may have otherwise been forgotten or left out of specific bequests and provisions. It is important to include this clause no matter how small your residuary estate may seem because those assets would otherwise be passed to heirs through laws of your state which would normally apply to someone without a will.
Selection of Executor Clause
An executor is a person chosen by the will-maker to manage the will and see that all requests are respected and carried out. This clause is important because failure to appoint an executor may result in complications for your family and costly fees. In addition, an alternate executor should be chosen in the event that the original appointed executor is unable, unwilling or passes away before the process is finished.
Disaster/Survival Clause
Many times a testator will assign his/her estate over to their spouse. However, sometimes as a result of a tragic event, both spouses die at the same time. The purpose of this clause is to help avoid misunderstanding of where assets should go based upon who died first. It usually states that a spouse’s assets will only be transferred to the second spouse if they survive the other by a certain time period, which is usually 30 days. In addition, the time limit can be increased to add security, but this can also delay allocations.
Child Guardianship Clause
If you have children it is very important to appoint a guardian for them in your will. Doing so will prevent disagreement of child custody and avoid temporary placement into foster care. This clause will take effect if the other spouse is also deceased or unable to care for the children.
Total Failure Clause
Although it is rare, it is possible that all of the named beneficiaries decease before the testator. In this case, any remaining estate would be appointed to the government. In order to avoid this from happening, a total failure clause is needed. This clause states that in such event, they would like to name a charity as the final beneficiary.
