What is Will? Top 6 Steps to consider while preparing a will
Will is a legal document that explains how you want your property to be distributed after you die. The law provides some guidance on how wills can be prepared and executed.
A will can also include instructions about funeral arrangements, who should look after your children, and other personal wishes.
A will is not the same as a living trust. A living trust allows people to manage their assets during their lifetime while still ensuring they are passed on according to their last wishes when they die.
Why you should need a Will?
Below are a few points that tell why you need to have a will:
With the help of Will Estate Planning, you can clear how the assets would be distributed after your death.
You can secure your assets for your people and disturb them according to your will.
You can decide who will take care of your children after your death.
You can plan to keep your assets safe from estate taxes.
Importance Of Having A Will
Deciding on who will own your assets is an important document that everyone should have. This is because it allows people to make decisions for their holdings, assets, and other belongings after they die. Will provide satisfaction to the holder that their assets would be owned by their people.
It's also important because it can save your family from litigation, which can be a costly and time-consuming process.
Process Of Making Will
Will preparation is the process of making a written arrangement for asset distribution according to the will of the holder. To prepare a will, you need to answer some questions: who are you leaving your assets to? How should your debts be paid? What should happen with your body or ashes? How much money do you want your spouse or partner to inherit? What about children, parents, and siblings? And so on.
6 Steps to consider while preparing a will
There are 6 steps to be considered while preparing a Will
Decide on who should inherit your property: The will decides what happens to the owner's property following his or her death. Wills, however, may have a tremendous emotional impact on loved ones. Consider those who should inherit your assets. Make a list of everything. Who will be the guardian of your children? Who receives the title of the family home? Your spouse, heirs, family members, friends, guardians, and anybody else you want to participate in the administration of your inheritance should be on the list.
What can complicate a will?: Wills may be as straightforward or as complex as your life. Business owners and shareholders in private businesses require unique attention in a will. Complicated family situations, such as second marriages and mixed families, need careful consideration.
Many notaries claim that one of the most common mistakes people make while making Estate Planning is not revealing their lawyer's whole family history.
Make Sure you tell the truth to your lawyer about your family such as who can complicate the process while creating your will.
Name an executor for your estate:
The executor is the person assigned to oversee your estate. After your death, that individual is in charge of your estate. He/She will keep track of who gets what and ensure all of your bills are paid.
Most individuals designate their spouse as executor, with a family member or close friend serving as a backup. You have the option of naming more than one executor.
Write down what you want to be done with your property:
When you write down what you want to be done with your property, it allows the executor of your will to know what to do with the property.
You should start by listing down all the properties that you own. Next, list down which properties are jointly owned and which are individually owned. You should also list down any debts or liabilities that you have and then make a note about who is responsible for paying them off.
Find at least Two Witnesses: Look for at least two witnesses to your will. These should be impartial persons who are not named in your will as witnesses. Determine the number of witnesses necessary by the laws of the state in which you are creating the will, as well as any additional requirements.
Update your will as per changes in your life: It is important to be up-to-date with your will If you have already one. You can change your will anytime as per changes in your life including:
Marriage.
Re-marriage
Divorce
Birth or adoption
Death of a spouse
Death of an executor
If you are getting married in some other regions your present will may cancel. This implies that if you die before completing a new one, you may be classified as having none at all.
On the other hand, In a Divorce case, your will does not cancel automatically. Make sure to consult with a lawyer to ensure that your estate is distributed how you intend.
Once your will is finalized, keep it in a safe place at your home. Creating your will may be a time-consuming task, but taking care of your loved ones is worth the effort. So, start thinking about making your will today.