Last Updated on March 24, 2024 by Saira Farman
The importance of will is not emphasized enough, especially for individual property holders. Dying without a will can eliminate your ability to plan for your loved ones. It is best to get your property planning documents in order after you get married or buy a home.
Will writing kit is especially important for dependent children as it also serves to name guardians for them if both parents die. Here are some things you should look out for when planning your will.
Table of Contents
Find a Way to Write the Document
You can get help from an attorney to guide you through the process. Your Attorney can help you write a legally binding will. It won’t mean anything if you don’t fill or sign it correctly. It may cost you more to hire an attorney, but inaccurate records can be more costly on execution.
Families who cannot afford an expensive route can use online software programs to complete their documents. It’s an easy-to-navigate process on QLD wills.
Choose an Executor for your Plan
Besides writing a well-represented will, it is important to appoint an executor who will carry out your wishes when it’s time.
The person you choose can be a family member or someone out of the family. Make sure the executor is responsible and focuses on details.
Decide on your Asset Distribution
The most critical part of the will is to decide who gets what and which assets to consider. It can be time-consuming, considering the value of your assets. Decide how much amount you need for your expected remaining life and what you wish to provide beneficiaries. Then decide how you will distribute it among your children. You can also attach an explanatory letter to your will to go more into the details on how to execute your wishes.
Sign your Will The Right Way
Not filling or signing your document properly will deem it not binding legally. Besides your signature, witnesses are required to sign the document with you. The witness needs to be 18 years or older, and they cannot be someone who inherits any of your assets. The number of witnesses required varies according to state. A witness comes into action when you are not around. Moreover, if your will is contested in court, the witness can testify in your favor.
Keep the Will Safe
Keeping the document safe doesn’t mean hiding in a place where no one can find it. Rather inform someone you trust about where they can find the will and other important information about your assets. Make sure to store the official copy of the document in a fireproof safe. Now electronic records or e-wills have emerged. But you have to meet certain criteria when filling a will online.
- It should be in text form, not audio or video.
- To meet certain state rules about the presence of witnesses.
- The witness should be physically present or remotely.
An Overview
Writing a will is one of the most important steps you can take to ensure that your loved ones are taken care of after you pass away. However, it can be overwhelming to know where to start and what to include. Here are five things to keep in mind when writing a will.
- Identify Your Assets and Beneficiaries
Before writing your will, you must identify your assets, including bank accounts, real estate, personal belongings, and investments. You should also decide who you want to inherit those assets, such as family members or charitable organizations.
- Choose an Executor
An executor is a person who will be responsible for carrying out the wishes outlined in your will. Choose someone who is trustworthy and has the necessary skills to handle the responsibilities.
- Update Your Will Regularly
As your life changes, it is important to update your will to reflect any new assets, beneficiaries, or changes in your personal situation. It is recommended to review your will every 2-3 years or after any major life events.
- Consider Tax Implications
Estate taxes can significantly reduce the value of your assets. Consider speaking with a financial advisor or estate planning attorney to determine the tax implications of your will and how to minimize them.
- Communicate Your Wishes
After you have written your will, communicate your wishes with your loved ones. This will help avoid confusion and ensure that your wishes are carried out as you intended.
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