Most every legal document is too long to comprehend
in the whole. As such, over time
we have devised a process of breaking these sensitive documents into sections
of some kind in order to try to organize thoughts, intents and actions in some
manageable chunks. Most Wills will
have many of the following clauses, articles, divisions, provisions, parts or
chunks:
Most Wills should start with some form of
Declaration Clause. This clause
makes the affirmative statement of who you are, that this document is intended
to be your Will as of a certain date and that it revokes any prior Wills.
Some Wills have Introductory Provisions in addition
to the Declaration. Again, we
state your identity, but maybe with more detail, such as your place of
residence, age, and capacity. We
next flesh out the personal information to include marital status, including
former marriages, spouses past and present, children, family, or the absence of any family. We might also begin to identify friends
and other beneficiaries.
After identification and bookkeeping language, we
start getting into more substance.
We start by identifying all Property to be disposed of by the Will, and
include particular gifts to particular beneficiaries. After that, we typically have Residuary provisions, saying
that anything not specifically given to a beneficiary goes to some one, some
charity or maybe the Trust that you created with your Will.
Next we usually have Executor Provisions. Who will be your representative after
you die? Who is charged with the
job of executing the terms of your Will and making things go as you
intend? This is your
Executor. These sections lay out
the rights, rules, powers and obligations of this person or group of
persons.
Since we’ve dealt with stuff, if you have children,
we will also have Guardian Provisions.
Who will be in charge of your minor children, (under the age of 18). Obviously, your spouse or ex-spouse,
but stranger things have happened, and we have seen where both parents die.
We can also send your assets through your Will to a
Trust, and so Trust Provisions could come next. In some instances we can create a Trust here, or send items
to a Trust that already exists.
If you create a Trust, then you may also have
Trustee Provisions. While the
Executor handles the disposition of the Will, the Trustee handles the
disposition of the Trust.
Frequently this is the same person. Sometimes it may be a commercial entity. These sections lay out the rights,
rules, powers and obligations of this person or group of persons.
Almost done, we begin to wrap up with the Concluding
Provisions. These include a lot of
the weird clauses that have proven necessary over time in order to create a
valid death time document that a court can enforce.
Finally, we wrap up and sign off with Signatures and
Attestations. You as the maker of
the Will and of course Witnesses, who we discussed in prior blogs.
Not every Will will have all of these
provisions. For example, if you
have no children, you need not bother with the Guardianship sections. More complex estates, with extensive
assets and more complex families may have even more descriptive sections. Point is, this is generally how Wills
are structured.
The last few Blogs were about some basic Will
aspects, trying to catch your interest and get you thinking about Estate
Planning. Hopefully you will
review your Estate Plan with you're “A” Team, or at least begin to seek out an
Estate Planning Attorney to start this process. Stay tuned for future blogs. However, if you have any questions, feel free to respond
below, or if you are interested in learning more about an Estate Plan, Wills,
Trusts, Advanced Healthcare Directives, or Divorce, Custody, Visitation, Child
Support, Spousal Support, Property Division, Modifications, Remarriage, or
Pre-Nuptial Agreements, please contact me at please contact me at fbegun@gmail.com, or through my other websites, www.fcbegun.com, or www.linkedin.com for Fred Begun.
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