When you are drafting a will it is important to identify four groups of people: the testator, the executor, the beneficiaries, and guardians.
First the testator, or the person who the will is for. Use your full legal name and any aliases that you may also be known by. Your name should be at the top of the document in a statement similar to, "This is the last will and testament for John Simon Doe drafted on (Date)." (The date will help you determine if the draft in your hands is the most current version of your will. You may want to write down in a ledger or other database when you make revisions to your will so that you know which version is the most current.)
The second person, or people, that need to be identified in your will is/are your will’s executor(s). This person/people will be in charge of making sure that your estate is distributed according to your last wishes. They will be the ones who talk to the probate lawyers, and they will be doing the paper work, and defending your will in court. The people that you select should be able to handle these responsibilities as well as be willing to follow your wishes.
The third group of people that needs to be identified in your will is your beneficiaries. You will need to identify what portion of your estate, or what items from your estate that each beneficiary receives. Beneficiaries can be anyone that you choose and a beneficiary can even be an organization. There are tax benefits in many states for pledging portions of your estate to not-for-profit agencies after you pass away. You get to claim the tax-savings benefit while you are alive, and the asset doesn’t transfer to the organization until after you have passed away.
Finally, if you have minor children you will also need to identify a guardian or guardians to care for your children until they are 18 years old. Distribution of your estate to minor children will probably need to be done through a trust fund situation with the guardians acting as trust agents. This means that while the children are underage, the trust agent will distribute funds from the trust account as they see fit to meet the needs of the children. However, once they are 18 years old the children will gain control of the trust fund and they will be able to use the money as they see fit.