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Planning for the future is something that we have learned early on in our lives. These days, planning for what happens to your estate when you pass away is essential to make sure that your dependents and beneficiaries won’t have a difficult time getting their inheritance. That is why making a will is necessary.
Here are some tips for making a fair will:
- Decide whether you get a lawyer or go DIY.
Making a will has been easier due to downloadable formats available online. However, this type of will is only used when your financial portfolio is straightforward and simple, but if it is more complicated, then it is advised to consult a lawyer who is an expert, like Brian Douglas.
An incomplete and poorly-written will often leads to being void. This is not an ideal situation because it can only mean more tax dues and court fees for your loved ones.
- Choose an executor of your will.
The executor will fulfill the contents of your will in exchange for a certain percentage of your assets or an hourly fee. Often, a bank or lawyer becomes an executor, but you can choose anyone you like. Either way, make sure that the executor you chose is adequately compensated because closing an estate is not an easy task.
- Be clear about what each beneficiary will inherit.
This is where it gets tricky, especially for those who prefer to make a DIY will. You should be specific when listing down your beneficiaries and the properties they will inherit..
For example, if your house is a vast property with multiple structures, you have to specify which structure goes to who. Do the same for all your other properties like jewelries and cars.
The best thing to do to create a will that is fair to all is to call your beneficiaries and ask them which properties they prefer. That way, you know what they like. This will make the decision-making easier on your part.
- Decide who will be the guardians of your dependents.
If you have minor children, it is quite apparent that your legal partner or their living parent becomes their guardian. But if an unfortunate event leaves your kids orphaned, it is better to name at least three guardians for them.
It is always better to tell your chosen guardians beforehand to prepare them since it will not be an easy responsibility.
- Find some witnesses.
Once all the details of the will are written down, you need to find at least two witnesses when you sign the will in front of a notary. Your witnesses must be 18 years old and above, and they must not be included in the list of beneficiaries in your will.
Witnesses are necessary so that if your will is contested in front of the court, they will be called as witnesses in the court hearing.
- You can attach a letter to your will.
If there are some things that you want to convey to your beneficiaries upon bestowing them their inheritance, putting it into a letter is the best way to do it. This can make it more personal and can also serve as a final farewell for them.
No matter how big or small your assets are, it is recommended that you make a will that transitions the properties and assets easier for your loved ones and beneficiaries. Planning will make you and your loved ones have a smooth and comfortable life.