Many people I have met think that wills are only for the rich. I do not have a lot of property, why should I worry about having a will. Some people just do not like to think about dying and drafting a will seems morbid. If you do not execute a will before you die, you die intestate. Dying intestate means that what property you have will be divided among your remaining relatives by the laws of intestate succession. In some cases your wealth is misused by distant relatives whilst your children are left in pain. Please read this free legal advice to the end and save your children tomorrow.
Decide what property to include in your will. …
Decide who will inherit your property. …
Choose an executor to handle your estate. …
Choose a guardian for your children. …
Choose someone to manage your children’s property. …
Make your will. …
Sign your will in front of witnesses. …
Store your will safely.
How to Write a Will
As mentioned earlier on, a will is something that most people don’t want to think about, especially when they’re young. In fact, the typical person does not consider making out a will until he or she is almost fifty. However, many legal advisers say that a will should be made out much sooner. Here are some ideas that will spell out some of the most important aspects of writing a will, along with several tips to make sure that the process is smooth and done well.
The steps are:
1.Hire a lawyer. A lot of times, people are hesitant to do this and look to other means, but there are several reasons why this is a good start. Lawyers provide an outside perspective, and can mediate what is happening to make sure it is correct. Also, with their training, they should be able to foresee legal troubles that certain wording and phrasing could result in. Most importantly though, they can ensure your will is valid in its creation and properly witnessed. When choosing an attorney, it is good to ask people you know if they have had any good experiences with specific attorneys. Make sure to ask any questions you may have on your mind to your attorney, since some lawyers may not be able to spot certain family issues that others will, if any exist.
oThere are also very involved situations, such as passing money to a child, that may involve setting up something called a trust, and for this an attorney will be extremely helpful. A trust allows you to allot money in portions or at a certain point of time. It can let you outline a plan for how money is used in regards to education, purchasing a home, what happens in the case of substance abuse, and so on.
2. When writing the will, be specific and clear in your wording. This is especially true if there is a complex family situation in your life, such as having multiple children with multiple partners. and being sure to proofread, will reduce hard feelings in the future, and reduce the legal hardships that may arise (or if they do arise, make it more certain that the rightful inheritor gets what they deserve).
3. Do a little preparatory work. Doing so prior to drafting a will can make this all much easier.
4. Before you start writing, make a list of those inventories and categorizes all your assets; then prepare a list that includes all of your chosen beneficiaries and your family members. Being prepared will reduce your stress, and also make it easier to clearly outline what you want to happen to your assets if you die.
5. There is certain software that can aid you in making things clear and properly organized within your will. Using such software can also be very helpful when contacting an attorney to enlist their expertise.
6. Certain things are important to research: not just blindly distributing assets. First, you should consider how taxes will factor into the things you are willing away. This can be complex, depending on the person and their situation, so legal guidance should be sought out to ensure you do not miss anything.
O Something else that is important, and some people are not aware of, is that life insurance policies, and IRA accounts sometimes have supplemental beneficiary forms that override wills. These are helpful in and of themselves, as they can make it quick and effortless to make changes, however-but be aware of their implications when writing your will.
7. Realize that a will isn’t just for allocating your assets and taking care of your kids; you have the ability to do many other things. For example, you can make contributions to charities that you would like to support. You can also donate your organs, or decide exactly how you want certain aspects of your funeral to be carried out.
8. Consider this separate form of will called a “living will” that allows you to decide your preference for continuing life support should you come to such a stage in your life. Considering all the things you can and cannot do with your will can ensure that you cover all bases and make the most out of your assets.
9.The most important thing to know about a will, however, is that the best time to write one is now. You never know when something bad may happen to you, and so it is best be prepared for anything. Spending a little bit of money and time on creating one will be an investment for the future that ensures everything you own will be properly distributed as you see fit.
Thank you! I hope you have enjoyed this piece.
Feel free to contact me @ Bandar Bin Shamal Lawyers & Legal Consultants +233207932977