To get the process started, we’ve answered every question you may have about what constitutes a legal will in Sweden and the factors to contemplate when drafting your own. Ensuring the legal validity of your will safeguards you, your family, and your possessions—ensuring it meets these criteria is crucial!
What Is A Will?
Your "final will and testament" serves as a legal instrument detailing the allocation of your assets, including property and finances, upon your demise. Additionally, it designates guardians or custodians for minor children and pets, ensuring their care after your passing. Moreover, your will appoints an executor responsible for managing your affairs in accordance with your wishes.
When And Why Do I Need A Legal Will?
Creating a will is an important responsibility of an adult and can be created once you reach the age of majority. Designating an executor facilitates access to essential accounts and properties for estate settlement. In the absence of a will, the courts must appoint an administrator to conclude your estate, potentially not aligning with your preferences. Even if your asset portfolio is modest, the absence of a chosen legal executor could delay tasks as basic as organizing personal belongings.
What Drives People To Make A Legal Will?
Although it's advisable for all adults to have a will, here are some key factors that motivate people to create their will:
- You recently got married or remarried, or are contemplating marriage
- You are currently in a common-law marriage
- You recently went through a common-law separation or divorce
- You have assets such as a home or multiple properties
- You have a child(ren) and/or other dependents
- You own valuable heirlooms such as art or jewelry
- You have assets that as a result of your death may cause tension among surviving family
- You own a business or investments
- You have a charity that you’d like to donate to upon your passing
If any of the aforementioned scenarios resonate with you, it's wise to draft a will promptly to ensure your assets are distributed according to your wishes, providing you with peace of mind. Begin your will at no cost with MinWill today.
Do I Need A Lawyer Or Notary To Make A Legally Valid Will?
In Sweden, there's no legal requirement to engage a lawyer or notary to create your will. While a lawyer can offer legal counsel, many individuals possess uncomplicated estates that don't necessitate legal guidance. Platforms like MinWill can walk you through the process, tailoring your legal documents to suit your preferences and requirements.
Everyone has the right to compose their own will. It's even permissible to draft one on a plain sheet of paper if properly signed and witnessed (referred to as a "holograph will"). However, utilizing software like MinWill helps prevent crucial omissions or inconsistencies resulting from common errors. For instance, failing to include specific items in your will, such as significant family heirlooms, would result in their inclusion under the "residue" of your estate, subject to distribution according to EU law.
What Happens If I Die Without A Legal Will?
If you pass away without a will, either entirely or partially, the legal term used is "intestate," indicating that you haven't provided instructions regarding the division and distribution of your property.
Instances leading to partial intestacy include:
- When the will does not contain a clause for the residue of the estate (everything that’s left after debts/taxes have been paid and specific gifts have been distributed)
- A gift of residue to a specific beneficiary in the will fails to take effect because the beneficiary passed away before the person making the will
- The will directs that the residue of the deceased person’s estate be invested during the lifetime of a specific individual but does not provide for what should happen to the residue following the death of the individual
In such scenarios, the distribution of your assets will be governed by the laws of your residing country. Typically, this entails a predefined formula determined by the courts, which may not align with your preferences or intentions.
Some potential drawbacks of not having a will, or failing to create one before passing away, may include, but are not restricted to:
- Your estate may not be divided how you want it to be
- The court will decide who becomes the caregiver of any children
- Financial and emotional difficulties for your spouse and family (especially for those who are in common-law relationships)
- A missed opportunity for any charitable donations
- The time it takes to close your affairs may take months and even years longer than if you had a written will
We've often heard tales of celebrities passing away without a will, yet this turmoil and distress aren't confined to the realm of fame and immense wealth.
How Is A Will Used After I Die?
Your will serves as a blueprint, providing guidance to your appointed executor in settling your affairs on your behalf.
The executor's responsibilities, as outlined in your will, encompass various tasks such as asset distribution, debt settlement, tax filings, and adhering to the terms specified in the will. The executor, often referred to as your personal representative, also oversees the execution of your directives regarding the disposition of your remains and funeral arrangements. It's essential to designate a trustworthy executor capable of fulfilling your specific wishes concerning your final arrangements.
Where Should I Store My Will?
In Sweden, residents are required to retain a physical hardcopy of their will. Regardless of your location within Sweden, you cannot distribute multiple copies of your will to various family members. Only the original signed and witnessed physical copy of your will holds legal validity.
It's essential to store the original copy of your will in a secure location, known and accessible to your executor. If kept at home, it's advisable to store it in a fireproof box or bag, safeguarding it from moisture, direct sunlight, or any elements that may affect the paper and ink quality.
Clarity and legibility of your documents are crucial for your executor and any institutions that may need to review them.
Another viable option is a safety deposit box, but it's imperative to ensure that your family or executor will have access to it upon your demise. Therefore, it's recommended to confirm access arrangements with the bank beforehand.
When And Why Do I Need To Update My Will?
A will isn't a static document; it's dynamic and should evolve with life's changes. Significant events such as the birth of a child, acquisition of a new home, marriage, or divorce can directly impact and alter your wishes.
An outdated will might result in your assets being allocated to someone with whom you're no longer associated, such as a former spouse or common-law partner. At MinWill, we emphasize the importance of regularly updating your will, as conducting an annual review can prevent the creation of outdated legal documents.
Ways To Update Your Legal Will
You may want to update your will after the birth of a child, marriage, divorce, or purchase of a large asset. In order to do that, you can either use a codicil (essentially an add-on to your will), or you can execute a new will that revokes the previous version.
Additionally, you can update your will through alterations, such as crossing out or adding provisions directly to a paper copy. However, for these changes to be valid, you must sign next to the alteration in the presence of witnesses who also sign next to your signature.
MinWill facilitates the updating process by revoking your current will and generating a new one that incorporates your desired changes. Consequently, you will need to have your new will witnessed again and dispose of your old will accordingly.
What Should I Do After I Create My Will?
Your will journey doesn't end once it's finalized and safely stored away. Here are some important considerations for what comes next:
Update it after life changes: Keep your will current by revisiting it after significant life events. Consider setting reminders every 6 or 12 months to ensure it reflects your latest wishes and circumstances.
Inform Your Executor: It's crucial to inform the person you've chosen as your executor about their role. This ensures they're prepared for the responsibilities ahead and avoids any surprises later on.
Tell your executor and or family where it’s located: Ensure that your executor or a trusted family member knows where your will is stored. After all, it serves little purpose if no one can locate it when needed.
Record other key info your family would need to know: Your will covers only part of the estate planning process. Provide your executor with a list of key contacts (e.g., financial advisor), important accounts (bank accounts, investments), miscellaneous accounts (e.g., broadband, streaming services), and any other relevant instructions not included in the will. This comprehensive information will facilitate the efficient handling of your affairs.
Can I Digitally Sign And Store My Will?
Swedish law currently does not recognize digital signatures using Bank ID to sign your will. To maximize the likelihood that your requests are met, you will need a will that is physically printed and signed by you and your witnesses in writing.
Who Can Act As A Witness When I Sign My Will?
Once you've prepared your will to accurately reflect your wishes, it's crucial to sign it in the presence of witnesses. Your chosen witnesses can be any competent adults, such as friends, neighbors, or coworkers.
Once the printed legal document is signed and witnessed, it becomes your official legal last will and testament.
It’s Always A Good Time To Create Your Legal Will
When it comes to estate planning, ensuring that you are adequately prepared is crucial for both yourself and your beneficiaries. Having your will in place and knowing that your final wishes are documented can alleviate future stress and save time.
We trust that this article has provided valuable insights into creating a will in Sweden. However, please be reminded that MinWill is not a law firm and cannot offer legal advice. The information provided is general in nature, and individuals are encouraged to conduct further research or consult with legal professionals for personalized guidance.
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