A will ensures that your last wishes are respected in case death happens unexpectedly. It’s the most uncomfortable but vital document you’ll ever compose because it can deeply impact your descendants. A will is a guide for who will inherit your property, take care of the kids, and how your mortgages will be paid. Most people find it challenging during this process and may procrastinate, but the best time to write your will is today. Below are some steps to guide you when creating a will.
Property
The first step to writing a will is listing down all your properties. After making a list, you can narrow it down by determining which properties are significant in your will and the ones that will be left outside. Most professionals approximate that about 50% to 60% of Americans lack a will, which is dangerous as it can put your family’s future at risk. If you are married, you should only list a share of the property you own together with your partner. For instance, if you both own a business complex, you can only budget 50% of your share in the will since the other half belongs to your spouse.
Beneficiaries
This refers to people who will inherit your property and assets after death. Slip and fall incidents lead to 15% of accidental deaths and result in a large percentage of common industry deaths. Most people find it easy to choose their beneficiaries after death, while others find it challenging because you should be cautious when deciding who will inherit your assets. Various types of beneficiaries include revocable, irrevocable, and contingent. As you list the inheritors, ensure that you add a contingent beneficiary. A contingent beneficiary assists in acquiring your assets if your primary beneficiary passes on before you.
Consider an Executor
You can consider having an executor on your will who ensure that your terms of the will are followed. The executor also stays alert during the distribution of your property and assets and ensures your debts and taxes are cleared. The individual you hire as an executor doesn’t have to be trained or professional, since they can hire a lawyer to assist them in invigilating the property distribution process. It would be best if you also were sure that the individual you choose would be able to handle the process.
Guardian and Manager
If your kids are underage, you should choose a guardian who will take care of and raise them in the worst scenario when you and your spouse are not there to do it. When choosing a guardian, consider their lifestyle. What is their job? Are they at risk of premature death as well? Where do they live? Is it safe there? According to the National Highway Traffic Safety Administration, nearly 4,000 deaths occurred that involved large trucks just in 2012 alone. Similarly, you can decide who will manage and budget their property if your kids are teens. You can name the manager in the will as the property custodian as stated in a law called Uniform Transfers to Minors Act.
Residuary Clause
This is a part of a will where you write about assets that have not been left to any beneficiary. This section covers all the information you may have forgotten earlier and closing remarks to the executor or the entire family. You can forget everything you own, especially if it’s your first time creating a will. Having a residuary clause in your will can help you have peace when you are done writing it, as you know, you’ve included everything.
Sign the Will
After you compose every detail, the next step is signing your will, which should be done in the presence of at least two witnesses. You should check with your state laws regarding signing the will, as some states require more than two witnesses. When you want your will to go through probate court after you pass on, ensure it’s notarized, and keep in mind that no will is valid until witnesses are present during the signing process.
Store Safely and Update
When you create your will, store it in a safe space and inform your executor of the location. As time passes, ensure you revisit the will and update it whenever necessary. When you make a considerable investment, marriage, divorce, or death, ensure you review your will and make adjustments.
Life situations happen, and it’s recommended that you stay prepared for a better future. You can seek legal guidance from your estate lawyer when creating the will to ensure you strategize everything according to your budget. Planning gives you peace of mind and confidence that your family is in a safe space.