A will is a legal document that can be drawn up by anyone but it is commonly thought to be used when a person has died and their children need to decide how their estate should be managed. This personal document can also help ensure your final wishes are carried out after your death. In fact, will preparation ensures that you have legally appointed someone to take care of any property you leave behind and make sure all debts are paid before you die.
However, make sure you include all of your personal property, including vehicles, property, and precious items. You should also try to include any insurance policies to ensure everything is paid off before you die. If you have children or other dependents, they may not be able to manage your debts if they are left alone with the estate, so make sure they are taken care of as well. It is best to schedule an initial consultation today with a will planning lawyer if you want to have a well-written and structured will that is perfect for your situation.
Here are some important things you should consider when drawing up your will.
Choose an executor
You need to choose an executor who will take charge of the estate after you die. The executor you choose will be responsible for following the terms of your will and making sure your final wishes are carried out, including managing your estate and paying off any debts you may have.
Make a list
It is important to make a list of everything you own and the estate that you will be leaving behind for the executor to manage. You should include all of your possessions, including anything that might be considered personal or sentimental, such as family heirlooms and photographs. Also, note down any debts owed before your death.
Make your intentions clear
If you want to leave a particular item or part of your estate to someone specifically, ensure that the will is in clear terms, so your intentions cannot be misconstrued after your death. And if you want certain items to be donated to charity, be sure to specify which charities the money should go to and make sure these charities are aware of your intentions.
Address funeral arrangements
To ensure that a will is carried out properly after your death, you should include details of the funeral arrangements in the will so that they are known to all. If you want to be buried or cremated, make sure these ideas are included in your will.
Store your will in a safe place
Make sure your will is stored in a safe place where it cannot be altered and make sure the executor knows where the will is located. You should also keep a copy at home for your family to refer back to at any time when an important decision has to be made about the estate.