Have you written your will yet? Your family will most likely distribute your property with bias if you die without a will. Writing a will secures your property for your loved ones and avoids any misunderstandings.
A good estate planner will help you write and execute your will according to your wishes. Take the necessary steps so that you can have confidence that your loved ones will enjoy a comfortable future. Here are some vital considerations when drafting your will.
Your Children
Protecting your children's future should be your priority, especially if they are still minors. Of course, you can also choose to include your second or third generation in your will. But you must make sure to consider a worthy guardian.
A guardian will manage the estate until the children are of age. Inform the guardian about the responsibilities you will give them and what you expect from them. Remember, the executors might need to care for the beneficiaries. Therefore, be wary of who you choose.
Your Property
Taking account of your property will give you direction on distributing it. You will need to have proper documentation of each item for confirmation before handing over the ownership. Don't include any jointly owned property as you can't pass on such property to your beneficiaries.
Most people choose to disclose the will once they write it. If you do not disclose it, ensure you affirm its legitimacy by writing the will in the presence of a witness or a lawyer who will execute it.
Your Executor or Estate Planner
Choosing an estate planner is crucial to the execution of your will. A credible estate planner can give you a sense of calm, but choosing a trustworthy individual can be a daunting task.
Most people prefer giving this task to a lawyer who can maneuver through the financial and legal requirements in writing and executing the will. Others prefer a close relative or friend whom they can trust.
Your Distribution of Sentimental items
Most people are overprotective and cagey when dealing with sentimental items. Clear instructions on the cherished possessions will give them the care they require once you are gone. You should brief the executor and recipient on how you expect them to care for the items. Such items can include artwork, personalized gifts, and things that remind you of specific moments.
Your Beneficiaries
If you have been paying various insurance premiums, ensure you stipulate if there will be any changes in the next of kin. Also, keep updating your beneficiary details in the will and with the insurers to avoid confusion and misunderstandings when claiming them.
Your Legacy
Many people wish to immortalize their legacy. You can do this by keeping a record of your digital legacy. With the improving technology, you can decide how you want to be remembered when you are gone.
Another thing will be taking care of the social media accounts or personal websites. Some sites have set provisions on how they handle a deceased's account. Fortunately, you can select your preferences long before you pass. If you are not comfortable setting your preferences, you can have the executor carry out specific instructions as per your will.
Your Donations and Charity
If you want to leave your property to charity, ensure you include such wishes in your will. State the specific organizations or individuals that will benefit from the property. Stipulate if you will wholly or partially donate the property and what will happen to the remaining property.
An exhaustive will can save your loved ones many physical and emotional disputes. As you age, you need to quantify your assets and ascertain how you wish to distribute them. A good plan will ease the pain and struggles your loved ones may go through once you are gone. Contact an estate planner at Donald B. Linsky & Associate PA to find out more about wills and testaments.
