Common Will Provisions

Provided you meet the legal requirements for making a will, there is no set limit as to how long or how short your will must be. The sky really is the limit. Usually, however, most wills will probably contain provisions concerning:

• funeral and burial instructions
• debt payment directions
• tax payment directions
• payment of estate administration expenses (e.g., costs of probate, legal fees, and executor's fees)
• dispositions of property
• legacies or gifts to specific individuals or a general class of individuals (e.g., testator's children)
• minimizing the impact of estate taxes
• appointment of the estate's executor and the extent of the executor's powers
• survivorship rights when the order of the testator's and beneficiaries' deaths become an issue
• coordination with trust provisions
• guardianship for minors or other dependents
• disinheritance of relatives (to the extent allowed under state law)

Keep in mind, though, that simpler is often better. Unless there is an actual need for a particular provision, don't weigh your will down with a bunch of legalese. Again, as long as it meets the legal requirements and meets your needs, you don't gain anything by making a 30 page will.

The corollary to the above rule is that you should read and know what every provision of your will does. Some legal boilerplate language can have serious consequences to your beneficiaries. With real estate, for example, you don't want to create a situation where the land you leave your beneficiaries is worthless because you inadvertently limited the property rights of the land in your will (e.g., by leaving a conservation easement to the local government).