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- April 3, 2024
6 Things To Consider When You Are Making Your Will
Making a will is perceived as a difficult task; this is not surprising considering all the processes involved. Most people avoid writing a will until they need it.Since a will is a legal document that is binding to all parties, you have to be careful when writing one. Knowing what to expect can help significantly and make the process less stressful.
Making Your Will:
Here are some of the essential things you need to consider when making a will:
- Assets
One of the most important things you need to consider is your assets. Making a list of your assets can provide insight on how to share them among your loved ones. You usually wouldn’t need a lawyer to prepare a will, but an experienced lawyer will ease the process of how you want your assets shared among your beneficiaries. You can also get an online will that would be just as professional and legal; this can make compiling your assets and the whole process faster.
Your assets investments include all your properties like houses, estates, lands, vehicles, businesses, stocks, shares, heirlooms, and the likes. When distributing assets, you need to know that you can only bequeath a property solely-owned by you.
Also, note that if you have life insurance, your loved ones are entitled to an insurance premium after you’re gone. Although this isn’t an asset, some still consider the insurance policy a form of asset.
- Debts
You also need to consider your debts when making your will. Your debts need to be paid even when you died. If you make adequate provisions for your debts in your will, they would be deducted appropriately without causing many problems for your loved ones.
Find out about all your debts and make a list. This will give an idea of what your debts as separate from your assets. Some debts you might need to consider are personal loans, student loans, family loans, car loans and leases, mortgages, and credit cards. By the time you deduct all these, you can come up with an estimate of your debt-free worth.
- Beneficiaries
The beneficiaries are the recipients of your will and thus important component you need to consider when making a will. You’ll need to think of all individuals who are entitled to a part of your assets. You may also want to include entities such as charities or individuals who are not allowed to anything, but you desire to help.
Some of the most important beneficiaries usually included in a will are the spouse or divorced spouse, children from present and past marriages, children whose parents you never married, extended family members, friends, relatives, charity organizations, among others.
Remember that forgetting or not including significant individuals in your will can cause chaos after your death. If you are intentionally not including some notable individuals in your will, add a signed note to explain that.
- Division of your Assets
It is also importanthow you plan to divide your assets. Ask yourself questions like, ‘what are the impacts of these people in my life? How supportive have they been to me? Do they have a direct or indirect connection to me?’ The answers to the questions can help who deserves what.
You should also consider whether any of your beneficiaries need other essential things like trust funds, personal stocks, and shares. You can help your family prepare for the unexpectedby writing a will explaining to the beneficiaries why you shared your assets among them the way you did. This will help avoid undue contesting of a will.
- Executor
The person you choose as your executor is expected to carry out the terms stated in your will. This is why you need to choose your will executor carefully.
Some prefer a family member as their executor because they are less expensive to the task, but it is better to select a neutral person. Choose a neutral person who can carry out your terms effectively and also carry the beneficiaries along. Sometimes, it is advisable to have a backup executor in case the first person you choose is not available to execute your terms.
- Guardians
Last but not least, you need to think of guardians if you have young kids. Think of individuals who you could take care of them when you’re no more. Should they go to be with their other parent? Do you have other extended families and relatives who can take care of them? Would you prefer they stay with your trusted friends?
Whatever choice you make should be communicated to the people involved before including them in your will. It is also essential to set aside funds the guardians would use in taking care of the children in your will. You can also appoint the guardians as trustees to your children’s properties until they reach the legal age.
Conclusion
You need to consider various things exhaustively when making a will; this is because any wrong decision could significantly cost your loved ones. For instance, you need to review your will from time to include all the significant beneficiaries or change in circumstances.
It can become problematic if you do not add your new spouse or recent-born kids in your will because you did not review it before passing away. This could cause strife as well as fierce court battles between your loved ones. Considering the factors highlighted in this article can help you protect your family and make the administration of your will a seamless process.
