A general guide on how to make a legal will [Update 2024]

Creating a legal will typically involves several key steps to ensure that it is valid and will be upheld by the courts. Here's a general guide on how to make a legal will:

1. Gather Information:

List your assets: Make a comprehensive list of your assets, including property, bank accounts, investments, personal belongings, and any debts you owe.

2. Choose an Executor:

Select a trusted individual to be the executor of your will. This person will be responsible for carrying out your wishes and managing your estate.

3. Decide on Beneficiaries:

Determine who will inherit your assets. This may include family members, friends, charities, or other organizations.

4. Consider Guardianship (if applicable):

If you have minor children, decide who will be their legal guardian in case you and the other parent are unable to care for them.

5. Draft the Will:

You can create a will in one of the following ways:
a. Do-It-Yourself Will: You can use online templates or software to draft your will. Ensure that the document complies with your state or country's laws.
b. Consult an Attorney: It's often recommended to consult with an attorney who specializes in estate planning. They can ensure your will adheres to legal requirements and provides the best protection for your assets.

6. Include Essential Elements:

Your will should typically include:
A clear statement that it is your last will and testament.
Your name and contact information.
Appointment of an executor.
Distribution of assets to beneficiaries.
Specific bequests, if any.
Guardianship provisions, if applicable.
Residuary clause (covering any assets not specifically mentioned).
Signatures of the testator (you) and witnesses.

7. When using ACC Law Firm's testament, entrepreneurs will receive

When using ACC Law Firm's testament, entrepreneurs will receive professional legal advice and assistance in drafting a comprehensive and legally binding will that reflects their specific business needs and objectives. The testament will ensure the smooth transition of their business assets and help protect their interests and those of their beneficiaries. Additionally, entrepreneurs will have access to ongoing support and guidance from experienced attorneys who specialize in estate planning for entrepreneurs.

8. Q&A

Question: What are the fundamental requirements for making a legally valid will?

Answer: To create a legally valid will, there are several fundamental requirements that should be followed. These include being of sound mind, having the document in writing, signing the will in the presence of witnesses, and having witnesses who are not beneficiaries and meet the legal requirements for witnesses in your jurisdiction.

Question: Is it necessary to use an attorney to draft a legal will?

Answer: While it's not always necessary to use an attorney, it is highly recommended. Attorneys can ensure that the will complies with the specific laws and regulations of your jurisdiction, reducing the likelihood of legal challenges. They can also provide guidance on the proper execution and wording of the will.

Question: Can a handwritten will (holographic will) be legally valid?

Answer: In some jurisdictions, handwritten wills, also known as holographic wills, may be legally valid if they meet certain criteria. However, these criteria can vary significantly by location. It's generally safer to have a typed will prepared with the assistance of an attorney, as this reduces the chances of ambiguity or errors that can arise with handwritten wills.

Question: How often should a will be updated to ensure it remains legally valid?

Answer: It's advisable to review and, if necessary, update your will whenever there is a significant life event, such as marriage, divorce, the birth of a child, or a change in your financial situation. This helps ensure that your will reflects your current wishes and circumstances. It's a good practice to review your will every few years even if there are no major life changes to confirm it still meets your needs. When updating a will, it's essential to follow the legal requirements for making changes, such as properly executing a codicil or creating a new will.