The Anatomy of a Will

In today’s blog post, we will consider the Anatomy of a Last Will and Testament. A Will is perhaps one of the most important estate planning documents that you can put in place to protect yourself and your loved ones. It represents a legal declaration of your wishes upon your death, and once prepared, it  can prove to be an essential legal document for your loved ones, as they will have clear instructions on what your intentions are regarding the distribution of your assets as well important decisions to be made upon death.

If you are someone that has been thinking of getting your Will in place, this blog post will take you through the various sections of a typical Will and will aid you in getting organized so that you can have your Will completed.

As each Will is going to vary, it will be important to discuss in detail with your attorney, the type of assets you possess, your family background and your unique circumstances, so that your Will may be drafted in a way that is personalized to your individual needs and wishes.

So let’s dive in.

A typical Will may be divided into the following sections:

• Declaration/Revocation Clause

• Appointment of executor(s)

• Appointment of guardian(s) in the case of minor children

• Identification of Beneficiaries and Bequests (how your assets will be distributed)

• Identification of your Residuary estate

• Signatures and Date

 Declaration and Revocation Clause

In this section, the Testator or Testatrix (person making the Will) will identify himself or herself and will declare the document to be his or her Last Will and Testament. As such, any previous Will or testamentary document will be deemed as having no legal effect. This section will generally be found at the beginning of your Will.

 Appointment of Executor(s)/Executrix(es)

Typically in this section, you will identify the name of the executor or executrix who will be the individual you wish to appoint to manage your affairs and to ensure that your wishes as set out in your Will are carried out. This individual will also have the duty of ensuring that funeral and testamentary expenses are duly paid. In this section, you have the option of appointing more than one executor, and you may specify whether such persons may act either jointly or separately. Another option is to appoint an alternative individual in the event that the primary executor is unable or unwilling to act.

 Appointment of Guardian(s)

Within this part, you may specify the legal guardian(s) you wish to appoint for your minor child or children in the event of your death. According to section 5 of the Minors Act, Cap. 215 of the Laws of Barbados , the father or mother of a minor may by his or her Will, appoint a person to be the legal guardian of a minor after his or her death.

Your Beneficiaries & Bequests

This section will outline the beneficiaries of your estate as well as your specific bequests (i.e: what each beneficiary will receive). In this section, you will identify the various assets (real estate, personal property,  intellectual property, investments, etc.) that you own and how these will be distributed amongst the beneficiaries.

Residuary Clause

A residuary clause will be an important aspect of your Will since it specifies how the remainder of your assets will be distributed. Typically a residuary clause will capture all other items that you possess at the time of your death which may not be specified in your Will. Without this clause, any remaining assets would pass according to the rules of intestacy.

Signatures & Date

Your signature will be placed at the foot or end of the Will, or in the event that you are unable to sign, you may direct that an alternative individual do so on your behalf and such a person must do so in your presence and by your direction.

Your signatures are to be acknowledged by two or more witnesses, who will be present at the same time, and they will also be required to insert their signatures in the presence of the testator or testatrix.

The date of execution of the Will is also to be indicated.

Questions?

Thank you for taking the time to dissect the Anatomy of a typical Will. We hope you find it useful!

To learn more about planning your Will, check out this guide here, which will take you through some of the things you should consider step-by-step. Access it by clicking here.

If you are a seeking to have your Last Will and Testament put in place, and require further guidance on the process, our office would be delighted to speak with you about your particular concerns. To find out if we can be of assistance, kindly contact us our office by clicking here.

To help you further, we’ve created a Will Planning Worksheet to help you with getting organized with the will planning process. Access it by clicking here.