The Process of Writing a Proper Will
It is apparent that most of us are yet to consider writing a will or doing our estate planning. This is mainly due to the fear and skepticism people place on discussing their inevitable death. Those who say they love their kids but fail to write one are not acting accordingly. A will and estate planning will cover them when you are not around. If you do not know how to go about it, here are some ways you can start.
You need first to make a list of all your assets and liabilities. This should tell you what your net worth is, and what constitutes your estate. You will also have the necessary material for writing the will.
You should now be clear on who your beneficiaries are. You shall leave your money and possessions to them. It is important you apportion these things to them accordingly.
It shall then be time to find an executor for your estate. This service is provided by attorneys as well as bankers for a fee, usually a small percentage of the estate’s assets. Whoever you choose, even if it is a family member needs to receive that compensation for this service.
You should now find an attorney to help you write that will. There should be plenty of referrals from your friends, family or colleagues. There is also the state’s bar association where you can ask.
The drafted will needs to cover all details. Any ambiguity can cause problems when you are not there to make amends. The weak are normally the ones who suffer the consequences. The attorney is three to make sure there is no such chance.
You need to do the assigning of assets realistically. Talking to the proposed beneficiaries is a good way to make things comfortable for everyone. You can then listen to them to find out if this is good for everyone.
You should include a letter with the will if you feel it shall not be clear enough. This shall iron out any parts of the will they do not understand. You shall express your goodbyes in it as well, and explain further your decisions.
It is important that you keep the will safe. You need it in a safe place, and accessible to a trusted party once you are gone. Think of a fireproof safe.
You should also update the will regularly, or as per the changes in your family composition. As time goes, your life and family composition shall keep changing. These should be factored in the will.
It may seem like a challenge to write a will. With this plane, however, you shall discover more peace thereafter, knowing everyone and everything is taken care of. You can learn more beneficial tips to enhance your life here.