How Wills Work, Part Three

By Doug Casarella – St. Louis, MO Attorney and LegalBuffet.com writer

In parts one and two of this series, we looked at a lot of the major parts of a will. This time, we will wrap it up with a few of the subordinate (but still very much important) pieces of a will.

Appointment of Personal Representative: Here, you will pick the person who will be entrusted with executing your plan as you laid it out. If you also created a trust, this person will coordinate often with the trustee (or they may be the same person). To be safe, you should also plan on picking out several alternates in case the person you pick is unable or unwilling to serve when the time comes. As a final backup, you could consider naming a bank or other financial institution that handles such matters. While those organizations typically charge a fee, should the position of your personal representative fall to them, you can be assured of being in responsible hands and you will not be at the mercy of the court administering your estate (which would also cost your estate money).

Miscellaneous: There are several other common clauses that you might decide to include your will. One might be a ‘no contest’ clause, otherwise known as an ‘in terrorem clause’, that states that if someone named in the will challenges it, they forfeit what they would have otherwise received. Check to see if your state permits these. You might also include a section of definitions, such as you might see in a contract. This may include definitions of what you mean when you use terms in your will such as “children”, “home”, etc. While it might seem trivial or worse hyper-technical, defining these terms explicitly can prevent confusion (or, more cynically, willful misinterpretation) and family conflict when you are no longer around to explain exactly what you meant.

Depending on your assets and your desires, a will can be as simple or complex as you need it to be. Whether on its own or in conjunction with a living trust, it is the best and most responsible way of planning for your family’s future.

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