Writing a will is an essential part of everyone’s life. It takes brainpower and more time for you to make the right decisions.
Will is your final wish after you have passed on. It entails a reflection of how one would like their assets to be handled when they are no more. You can choose to write it yourself or trust attorney to do it for you.
However, before writing your will, there are some factors you need to consider for you to make accurate decisions.
Guardianship of children
Some people tend to document their first will once they get a child. By doing this, they secure their wishes for their children’s future if they pass away. You can nominate a person(s) when writing your will to take care of your young ones until they grow to be adults.
When selecting a guardian, consider:
- Similarities with your religious beliefs, lifestyle, and values, whether they closely fit yours.
- Who your children might have bonded with?
- If the guardian is planning or already has children.
- The transition your children would require to make in lifestyle and location.
- Who can practically, financially, physically, and emotionally take the guardian role?
You can list your assets may be in categories. It might also help you to note down an approximate value of all assets and if there is a loan or mortgage.
If you own important assets like a car, house or property appropriately, indicate if you own the asset independently or if it’s a joint asset.
There are two methods of sharing ownership with someone in real estate. If a property is jointly owned, the property is automatically acquired by the surviving owner when you die.
The jointly-owned items will not be included in your will. If the property is owned and is termed as tenants in common, then your property portion may be included in your will.
When factoring in your assets, do not assume the smaller items. Such things may not be substantial in value but may have an intrinsic, emotional, or personal value. Most parents or grant parents gift their children particular gift items like jewelry or family heirlooms. Think about any specific thing you cherish that you may want to gift your loved ones.
Appointing an executor
Your executor is an individual or organization that you appoint to carry out the final wishes as documented in your will. When you pass away, it’s the responsibility of your executor to manage your estate.
The work of an executor is not light. A family person who is selected may be honored. However, they will need to be savvy enough and take the time to fulfil the role. It’s good to choose someone who is a beneficiary of the estate. Being an executor can be hard for an individual who doesn’t have the estate interest.
Beneficiaries are people, organizations, or charities that you would like to benefit from. Beneficiaries may get particular gifts and or have a portion of your estate. Your residual estate is what is left after the compensation of any debts, testamentary, and funeral expenses. Every beneficiary share is normally indicated percentage of the residual estate.