The 4 Most Common Questions Everyone Asks About Wills—Answered
Preparing a last will and testament is one of the most important steps you can take concerning your future and your legacy. A will is a legal document stipulating your relatives' rights regarding the inheritance of your property and the custody of your minor children after your demise. Though organizing a will can be a solemn exercise, it is critical in making sure that your dear ones are looked for after your passing.
What is a Will?
A will is a written document that lets you:
Designate who should inherit your property, such as your house, funds, or personal belongings.
Entrust a guardian to raise your minor children in case of your absence.
Nominate an executor to implement the directives in your will.
If you don't have a will, state laws allocate your assets, which can potentially be against your preferences.
Why is Having a Will Important?
A last will and testament is a well-laid-out plan for the handling of your assets. It bridges the communication gap between family members and makes life easier for your loved ones at a very sad time. It is also crucial for parents to assign a guardian for their kids in their absence, which gives them peace of mind that their kids' care is in good hands.
Furthermore, a written will may be a great factor adding to the reduction of stress and confusion among family members. It gives concise instructions, thus helping to keep them out of delays or dramatic situations when the estate settlement is carried out.
How Do You Create a Will?
List Your Assets: Compile a list of everything you have which includes land, accounts, and pricey items.
Choose Your Beneficiaries: Assign the beneficiaries and the order of obtaining the assets.
Name an Executor: Ask somebody whom you rely on to manage your estate as well as be sure your demands are met.
Appoint a Guardian (if needed): In the case of minors, it is best to name a guardian who will be responsible for them.
Write It Down: To ensure your instructions are properly followed, ask a lawyer to draft or review your will.
Sign and Witness: For your will to hold up in court, witnesses and a notary must be present when you sign your will. Your lawyer will inform you of the proper procedure to execute your will in accordance with your state laws.
When Should You Update Your Will?
Both your life and your will change with the times. Think of updating it following important events like the introduction of a new family member, divorce, birth of a child, or buying a new house or other property. Regular review of the terms of your last will and testament guarantees that it is a true representation of your current intentions.
