There’s no getting around it: sooner or later, everyone must face their own mortality. And while it’s not a pleasant topic to think about, it’s important to be prepared for the inevitable. Part of that preparation is writing wills and probate.
A will is a legal document that outlines your wishes for what should happen to your assets and possessions after you die. Without a will, the state will decide how to distribute your belongings, which may not be in line with your wishes.
Writing a will doesn’t have to be complicated or expensive – in fact, there are many online resources that can help you get started. However, there are some important things to keep in mind when creating your will, such as who should be named as your executor and how to distribute your assets.
Here Are Some Tips On Writing A Will:
- Choose an executor:
This is the person who will be responsible for carrying out your wishes after you die. You should choose someone you trust implicitly, who is organised and detail-oriented.
- Make a list of your assets:
Include everything from your house and car to your bank accounts and investments. This will help your executor know what needs to be distributed according to your wishes.
- Decide how you want your assets to be distributed:
You can leave specific instructions for each asset, or you can make general statements about how you want your estate to be divided.
- Name beneficiaries:
These are the people who will receive your assets after you die. You can name primary and secondary beneficiaries, as well as contingent beneficiaries (who would receive assets if the primary beneficiary dies before you).
- Choose a guardian for your minor children:
If you have young children, you’ll need to choose someone to care for them if you die. This should be someone you trust completely to raise your children according to your wishes.
- Sign and date your will:
Once you’ve completed your will, make sure to sign and date it in the presence of two witnesses. These witnesses must be adults who are not named in the will as beneficiaries.
- Store your will in a safe place:
Your executor will need to be able to find your will after you die, so make sure to store it in a safe, accessible place. You may also want to consider giving copies of the will to your executor and other key people in your life.
- Review your will regularly:
As your life circumstances change, you’ll want to make sure that your will still reflects your wishes. At a minimum, you should review it every five years or whenever there is a major life event (such as the birth of a child or the death of a spouse).
Writing a will is an important part of estate planning and can give you peace of mind knowing that your wishes will be carried out after you die. By following these tips, you can create a will that meets your needs and provides for your loved ones.