Guidelines for Writing a Will

Life is unpredictable, so you never know when the grim reaper might come around. If you own substantial assets, and want particular individuals to take over after you are gone, do not delay the deed of drafting a will. Preparation of Wills and Trusts can be tricky, especially if your estate property is worth millions, and you have a long list of beneficiaries.

Your last will shall dictate who gets what, and is somewhat a final message or legacy for the important people in your life. The absence of a will and a will that is vague/erroneous can cause a lot of trouble to your loved ones. You may look up several inheritance cases that went wrong, due to a faulty or unclear will. Families were forced to pay thousands of dollars in taxes to recover the deceased’s possessions.

Hiring a professional attorney is the best way to save your kin from going through arduous legal procedures. Your immediate relatives may exhibit a healthy relationship while you are around, but the division of your belongings may incite intense arguments afterwards. However, if you do your homework beforehand, and all financial matters are properly settled, the chances of dispute will greatly diminish.

The first step is to track all your assets; this includes real estate, bank accounts, insurance, cash, cars, and other valuables like antiques and jewelry. In order to simplify distribution, the location and/or description of each property must be included. You must decide upon your cherished heirs, and determine what each of them shall receive. The monetary affairs become complicated if you had multiple spouses and stepchildren.

Although division of money is simple, distribution of other material objects can create confusion. Every item may be subject to a unique sentiment, and giving it to one person may cause distress to another. Therefore, it is recommended to sort out these matters prematurely, through discussion with the potential heirs. Let them decide what they want and what they are willing to sacrifice.

In case you unexpectedly die, your last spouse would normally be left in charge of all your belongings. As the sole rightful heir, he/she can utilize the assets according to their wishes. If you want children from previous marriage/marriages to receive a fraction of your wealth, make sure to write that in your will.

Many people choose to exclude a relative from the will, so it is important to clearly identify the person you want to disown. If you simply leave out/not mention this individual, your trustee might assume that you merely forgot about them. If such an occasion arises, this person may still qualify for acquiring part of your assets.

A will you created may lose value over a passage of time, so it is necessary that you update it in the course of a big event. The death/separation of a successor or the addition of a new family member (through birth or marriage) shall require you to make amends. Review your will on a regular basis, and immediately inform your lawyer when changes are due.

Every will needs an executor, i.e. a person you can trust unconditionally. The executor is supposed to make sure that your provisions are sincerely followed and/or carried out. This person must keep the original copy of your will, or at least be fully aware of its whereabouts. You will also need two witnesses while you sign the will; these witnesses must not be direct descendants.

If you have children who do not qualify as adults, appoint a guardian to take care of them after your demise. You may nominate more than one person for the role of a caretaker, because there is always a possibility that someone might fail to take responsibility.

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