Did you know that only 45% of US adults have created estate planning documents? This leaves the rest of the population to have their legacies left up to the courts.
A legally enforceable last will and declaration guarantees the honoring of all your intentions during your lifetime. You need to clearly state the intentions, name the beneficiaries, and set forth their assets and liabilities.
According to Shanone Emmack, Attorney at Law, dealing with legal problems can be challenging and stressful. Employ a legal professional to help you understand how the law and the legal system may affect your case and explore options through which it can be resolved.
For a valid will, an executor is important. And for minor children, appoint a proper guardian for them.
Let us look at the factors you must account for when drafting your last will and testament.
Understanding the Basics of a Last Will and Testament
According to will attorney Douglas A. Oberdorfer, a will describes how a person would want their assets to be distributed. This document describes the beneficiaries, appoints guardians for minor children, and designates the executor. A will is a protective measure that secures your wishes and tells your loved ones how you want them to be taken care of.
When a will is created, a person states his or her desires in full, preventing disputes between family members. The testator can nominate guardianship for their children, determine who inherits their possessions, and appoint a person who oversees their estate.
More than just paperwork, a will works as a message from your values and priorities to the people that you are leaving behind.
Identifying Your Assets and Liabilities
Before you prepare your will and declaration, you have to see what possessions and debts you own. Write down your assets, such as your house, vehicles, bank accounts, investments, and personal belongings. Don’t forget about sentimental items that are valuable to you and your family.
Next on your list are liabilities. Some examples might include mortgages, loans, credit card balances, and so forth. When you have an understanding of your net worth, you will be able to clearly express your intents and see to it that your directions are honored and your loved ones are not left with some unpleasant surprises along the way.
Doing these steps provides a much-needed base for your will and allows you to rest assured about your future.
Choosing Beneficiaries Wisely
What is the basis for your decision regarding who receives your assets? Choosing beneficiaries helps nurture your relationships.
Focus on your family, friends, or organizations that appeal to your value system. Keep in mind their needs, since your assets can assist them in fulfilling them. It is completely acceptable for some beneficiaries to receive certain assets while different beneficiaries receive other assets. Doing this will reduce the risk of conflict or tension among the beneficiaries.
Try being candid with all people concerned. Talking through these issues can help spare hurt feelings and surprises in the future. It might be helpful to also discuss such matters with a trusted friend or consultant. You need to create your legacy around belonging, strengths of relationships, and honoring all the bonds that have crossed your life.
Appointing Executors and Guardians
Deciding on the correct executors and guardians for your will is important since they will be the ones to act on your wishes and care for your distant relatives when you can’t. In an estate, the executor will manage your assets so that they are distributed fairly according to your will. You need to pick a mature, responsible individual who understands what you value and prioritize.
Guardians for minor children should share common values and nurturing capacities. Recommendations are to discuss your options with those you trust and those willing to undertake this responsibility.
Ensuring Legal Formalities Are Met
Once you assign the executors and guardians, necessary measures must be taken for the validity of the will. Sign the will together with witnesses, who must not be beneficiaries of it. These witnesses attest to the makers’ intention not only in the presence of the maker but also afterward if required. The witnesses must sign the will in your presence.
In some jurisdictions, you may have the option to execute your will with a notary for added protection. Keep the will in a fireproof lockbox or with your attorney when required.
People ought to review and change their wills after any personal circumstance has changed. This allows one to feel secure regarding the carrying out of his or her wishes by his or her family.
