Elements of A Standard Last Will

So you're not a wealthy human with gobs of earthly possessions tying you down in life. Still, you wish to have a somewhat simple last will in place to make things easier on your family / significant others when the inevitable occurs. What are the elements of a basic last will and testament?

• Personal Representative / Executor. If probate is necessary, this is the person nominated to administer the estate. In case the first named personal representative is unable or unwilling to serve, it is wise to name at least one successor personal representative. Also, you have the option in most states to recite in the will that your personal representative may serve without posting bond. Waiving the bond requirement reduces the administrative expense of the probate estate.
• Burial Wishes. Do you have any special wishes regarding your burial and / or funeral? Your last will is the place to make these known. Common requests include such things as to be cremated, the location of your burial, or that there is to be no funeral (only a memorial service). My grandfather requested that one of his old drinking buddies sing "Danny Boy" at his funeral.
• Charitable Gifts. Name bequests, if any, to charitable, educational or religious institutions.
• Specific Bequests. These are specific items of your property or stated dollar amounts left to specific heirs.
• Remainder Beneficiaries. The remainder or residuary of your estate is that which is left over after all the administration expenses and debts of the estate are paid plus all the specific bequests. The remainder beneficiaries are generally named as a group taking equal shares or by stated percentages of the residuary for each remainder beneficiary.
• If you have children, an essential element of your last will and testament would be to nominate a guardian for your children should both spouses dies while the children are still minors.

These are just the standard operative provisions in a last will. They comes with many more bells and whistles. Here is a sample standard last will.