A template for a last will and testament includes sections for distribution of digital assets, property after death and designates individuals to carry out the terms, according to Attorney Christopher B. Johnson with Rocket Lawyer. The template should also include the individual's name, address and contact information.Know More
A template for a last will and testament provides individuals with an easy-to-use format to ensure assets are properly distributed following death, according to Johnson. A space must be provided for witness signatures and a clause of authenticity. If an individual has children under the age of 18, a section for the care of the child should be included on the template with contact information for individuals assigned to obtain custody, as well as information about trusts established for the child or children. The template should also include a section that details how assets should be liquidated, sold or obtained following death, and list the individual assigned as executor who acts as power of attorney for the estate.
Many templates also include a clause that notes instructions for how to reduce financial or asset distributions to individuals if debt, funeral and medical costs exceed the amount designated within the will, according to Law Depot.Learn more in Financial Planning
Shortly before his death on April 25, 1616, famed English poet and playwright William Shakespeare constructed his last will and testament, which stated that upon his death, his wife Anne would receive his second best bed. In fact, this is the only mention of Anne in Shakespeare's will and testament, which many scholars and historians have taken as a sign that their marriage was not a happy one.Full Answer >
A living trust template is an example of what a legal living trust looks like. It includes the trust maker's name, purpose of the trust, how it is funded, how the assets are managed and how payments are made during the grantor's lifetime. The template might also list trustee powers.Full Answer >
Probate is necessary if the deceased owned property or assets that were solely in his name without any joint owners or a designation that is payable on death, says estate expert Julie Garber on About.com. That property or asset needs to go into probate in order to transfer it out of the decedent's name.Full Answer >
A revocable living trust is an estate planning tool that is used to avoid probate and decide how a property is split up after the owner's death. It can be changed later by the person who set it up, as long as he is still mentally competent.Full Answer >