Posted on: 7 February 2019
The thought of dying scares most people. However, it is advisable to plan for your family's well-being once you die. One way of doing this is by writing a will. This article provides a few tips for people that intend to write a will.
Hiring a wills and estate lawyer
It is advisable to engage a wills and estates lawyer when writing your will. The lawyer will ensure that your will is legally binding. He or she will also read through the will to make sure that it is clear and easy to understand.
Dividing your property
The main benefit of writing a will is that you can decide who to leave your property to. As such, you are at liberty to include close friends and relatives in your will. If you write your will early enough, you will have time to prepare the beneficiaries to take over your estate.
Choosing an executor
An executor is a person who manages your property from when you die to when the beneficiaries receive their inheritance. He or she pays off taxes and debts and works closely with the wills and estate lawyer to execute the will.
Setting up trusts
A trust refers to an arrangement where a deceased person leaves property to a trustee to manage it on behalf of a beneficiary. Trusts are an effective way to leave property to children below the legal age and to irresponsible beneficiaries.
The living will
A living will is a directive to physicians about your wishes in case you are medically incapacitated. For instance, some people opt out of life support machines. You can also choose to appoint a power of attorney that gives a trusted individual the right to make medical and financial decisions on your behalf.
Changing the will
Various circumstances may make you change your will. For instance, a beneficiary may die, you may get divorced, or your business may be changing. There are two ways of changing a will. You can either revoke the current will or add a codicil to the will. A codicil is a document used to make minor changes to the will. It is attached to the original will.
Storing the will
Most people leave their wills with the wills and estates lawyer. Preferably, you should also have another copy stored in a secure place such as a safe or a safety deposit box.
The primary considerations to make when preparing a will are hiring a wills and estates lawyer, setting up trusts, preparing a living will, changing the will, and storing the will.Share