It is not pleasant to think about one’s death, but you can’t afford not to. While you might want to put it off, it is beneficial to draw a will to avoid strife among loved ones. A will is a document that describes your wishes regarding the distribution of your property if you are no more. It is a legal paper that protects your family and your assets. A living will and power of attorney dictates who has authority in legal or financial matters and what final medical treatment you wish to receive, whereas a will names the guardians of your minor children. Don’t think of a will as the acknowledgment of not living forever, but a record of your personal belongings for those who matter to you.
In the builder years of life, we work and build assets to protect and pass them down to safe hands. Writing and keeping an updated will is as good an idea as life insurance. It doesn’t matter if you are single or have a partner and children, dying without a will can take a toll on people close to you. It is not the most enjoyable, but it is an essential life task. Any ambiguities or mistakes in the process can cause disputes and delays. Follow the tips listed below to ensure that your finances and possessions are taken care of properly after you:
- Choose executor carefully: An executor named in your will is a person who is responsible for executing all your instructions. This person will make sure that your wishes are carried out, that’s why you must choose someone responsible and trustworthy. It is good to ask the person before writing the will and keep a backup executor in case of any unforeseen incident. Usually, people choose their attorney as the executor. If you are making your will using The Free Will Kit, you can choose a friend or a family member.
- Name a guardian for your minor children: It is practical to be prepared for the worst situation when both you and your partner are not there for your children. So, it is essential to name a guardian who embodies your values, and you trust with your children’s wishes. You don’t need permission from the family member or friend before appointing them as the guardian. You can simply set up a trust fund to support your children and put someone in charge of the money until they reach the age of majority.
- Will Kits: Using the Free Will Kit, you can write a will without spending thousands of dollars compared to when using an attorney. If you are worth millions or you have a complicated blended family, then you can take the help of a professional. It is a good idea to use your Will Kit under professional guidance- this can help ensure you don’t miss out on anything.
- Sign the document: This is obvious, but worth mentioning when you are writing your own will. For making your document legal, it must be attested by you and your witnesses. In most cases, the witnesses can’t be people who are supposed to inherit anything. A witness should be a minimum of 18 years of age.
- Be precise: You should spell out all your wishes, especially those involving cash clearly to avoid disputes and confusion. If you have children and stepchildren, you can’t vaguely address things. Whatever you leave to your second partner is rightfully theirs. Your children from your first marriage won’t have any right over it. It is not compulsory to divide your assets equally. You can also leave money to someone privately. Generally, life insurance policies and retirement accounts have beneficiaries attached. Still, you should re-check if it is assigned to the right person.
- Make amendments regularly: It is vital to revisit and update your will every few years according to your age and economic status. You may need to make changes because of re-marriage, separation, divorce, adoptions, death of the partner, etc.
- Keep it safe– It is important to store your will in a safe place. You should have a copy in your home, and the executor should be aware of the original one. You should ensure that a trustworthy person knows the position of your relevant papers and passwords to banks and fireproof safes.
The final tip would be to include the smallest details about your beneficiaries and be realistic while distributing your assets. If there is more you want to say, you can leave a letter with the executor. If you don’t have a will yet, sign up for the Free Will Kit now!
References
https://abcnews.go.com/Business/tips-writing/story?id=27715084
https://money.usnews.com/money/personal-finance/family-finance/articles/steps-to-writing-a-will
