Will Writing Checklist
Planning is important when writing a will, especially when having a family. It is a common practice to start thinking about a will when also starting a family. While this is popular, it is best practice to start planning out a will as soon as possible. Even if you are a single individual, having a will ensures that your money and possessions will go to a particular friend, relative, or sometimes a charity. In addition, it is important to write a will with the presence of a lawyer, to ensure that laws and regulations are followed appropriately.
Make sure when you are writing your will to be as specific as possible, because ambiguity can lead to confusion and misunderstanding. Moreover, dying and not leaving a will can be even harder for loved ones. Below are some tips for writing your will:
Name an executor
The executor of your will should be a well trusted, responsible person that will execute your instructions. It is very important to name an executor that are up for the responsibility of being your executor. Before you start writing your will, it is important to speak with loved ones or friends to figure out the best fit to be your executor.
If you have underage children, leave a guardian
If your children are minors, they will need a guardian in the event of the will. Naming a guardian could mean the person who is in charge of your legacy and the next generation, so be sure it is someone willing to take charge. The potential guardian should be a person you trust. Lastly, be sure to speak to them about being the guardian beforehand. Some people set aside money for the guardian to be sure they have the tools to take care of the children and their expenses. Be sure to also give your guardians access to any funds or accounts set up for the children as well.
Be as specific as possible
Your will should be as specific as possible without leaving any details out. Where would you want to see our assets go and to who? Take into consideration a partner, children, or other loved ones. Reminder: if you own a house with a spouse, the home automatically goes to a person who is named in the title. A will does not overrule a title for who gets a property.
Name beneficiaries
You can leave an equal amount of money to all of your children, or you could leave it all to your spouse. You can also decide to leave some of it to charity, or leave special items to certain loved ones.
Update your will regularly
As life changes are made, be sure to update your will, because life happens. This could mean things such as having more children, going through divorce, or selling a house. It is a good idea to check it every few years so that it is up to date.
Sign your will with witnesses
This is very important. Your will has to be signed with witnesses in for it to be considered valid. Your will should be signed with the date, and also by the two witnesses. Be sure to note that the people who sign your will as witnesses will not be eligible to be beneficiaries of your will. Note that some countries require an affidavit. This document will confirm that the people who witnessed you are confirmed witnesses.
Let loved ones know you created a will
Alert friends and loved ones that you created a will, so there is no confusion. Make sure to confirm with your guardian and executor that they are up for the challenge. They should be willing to take on these responsibilities. If you are able, communicate with your beneficiaries as well so that there are no surprises when your will is read.
Keep your will in a safe place
The drawer or file you keep it in should be waterproof and fireproof. Your drawer or file should contain the original version of your will and plans along with instructions, letters, and other important artifacts.
Remember that making a will is a surefire way to protect you and your loved ones at a time when they are grieving. When you are ready to start creating your will, contact our office to get started.
