Four things to consider when writing your will
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Many people veer away from the dreaded term last will and testament. This is often because people don't won't to think about the fact they are bound to face mortality at some point.
However, having this legal document is said to be essential for everybody to prepare themselves and their loved ones in the event of someone's passing.
What is a final will
A final will document serves as the final record of a person's life and underlines their requests and wishes in the event of their death.
If someone dies without a will, their family and loved ones may lose the right to decide how their assets will be divided and how to carry out their final wishes. This may lead to family disputes and arguments and may result in lengthy and taxing legal battles in court.
If you're planning on writing your will it can be done on your own and online. There are many online will service providers that'd help with the process.
Whether you do it over the web or without any aid at all, crafting a will requires careful planning yet it doesn't have to be stressful. There are crucial factors you need to consider, and here are a few of them:
1. Your child's officially designated guardian
Writing a last will and testament can sometimes be prompted as soon as a couple have a child. This is seen as a precautionary measure as they need to think of their child's future should the unforeseeable happen.
In the will, parents can discuss guardianship or the person who's physically, legally, financially, and emotionally capable of taking care of the couple's offspring. The chosen guardian should be someone whom your child will get along with and someone who'll always have your child's best interests in mind.
In the will, you can specify the kind of lifestyle you want for your little ones including how their finances should be handled and the like.
2. Assets and valuables
The best way to go about this is to list down all the assets you own and then placing an estimated value on each one. Also, don't forget to indicate whether the property is fully paid or under a mortgage.
Details such as if they're solely or jointly owned should be noted as well. Have the ownership documents and titles in a secure but accessible place. Items with sentimental value such as family heirlooms can be included in the will as well.
Seek the help of an accountant or financial planner to plan your estate better. When the grieving family takes over the management of the estate, it may become a complex issue.
Government agencies such as a deceased estate office may help your loved ones keep and manage your assets without any concerns.
3. Hiring some help
Today's technology allow future-conscious individuals to avail themselves of an online will writing service.
There are sites that offer estate planning services including preparing a will over the web. Services could include a living will, power of attorney, revocable living trust, and transfer on death deed. The good thing about these documents is you can update and and customise them anytime.
If your situation is complicated due to some wishes that you long to include, an estate lawyer might help. A legal practitioner can also help you navigate through the process of adding proposed beneficiaries who wouldn't normally benefit from your will.
While you don't need to have hired one right away, you may need to consult with a professional will writer to help you gain an idea of what a conventional and fuss-free final will looks like.
4. Choosing your executor
An executor makes sure that all the wishes underlined in your last will and testament are carried out vehemently and religiously.
Perhaps the most crucial task for this role is managing the estate you're going to leave behind. In appointing an executor, make sure that the person is capable of the job at hand.
If, however, you're involved in a complicated situation and assigning a family member as an executor could cause more problems, it's better to hire an attorney or a publicly anointed trustee. In some cases, you can name your spouse along with your lawyer as joint executors.
Making a will can also sometimes require you to prepare a power of attorney document. This allows you to appoint a trusted person to make some decisions on your behalf, including some personal and financial matters.
The difference between a person named in the power of attorney versus your executor is that the former acts while you are living while the latter only comes into the picture after you've already passed on.
When to change your will
Besides the birth of a child, other life-changing circumstances may prompt an amendment in your will.
When you've remarried, separated from your spouse, adopted a child, or either your spouse or executor has passed on before you, you'll need to introduce the necessary changes in the document.
Make sure to have a knowledgeable attorney to help you out in the process.
The bottom line
A person's passing can be very painful for their friends, family, and loved ones. To avoid encountering potential problems concerning a person's wishes before and after passing on, individuals need to create a will to properly cover and address them.
If your situation is quite simple, you can use a simple do-it-yourself kit. For more complex situations, you'd need to consult with an estate attorney and other professionals.
