7 Steps to Writing a Will
At some point, we’re all going to leave this Earth. Before that happens, you want all of your possessions to be fairly divided to your surviving heirs. A Will is a legal document that will detail who gets what. Technically, you can write one on a piece of paper (or napkin) and you just have it notarized to ensure that it becomes a legal document.
That being said, even if you can write it on your own, acquiring family legal services is still required so that you will be guided through the entire process and so that no one will be left behind.
Today, I am going to talk about some simple steps to writing a Will.
1.Choose Your Beneficiaries
When writing your Will, the legal document must contain the exact names of the people who you’re going to give your properties to.
In the event that you were unable to create such a document, the state laws will be the one to govern how your assets are going to be divided (it will usually be given to your spouse or immediate family, but laws differ based on the country or state you’re in).
2.Choose Your Will’s Executor
Of course, you will have to appoint someone that will grant your wishes that are stipulated in your Will. Your Will’s Executor can be anyone. It could be your best friend, your spouse, your immediate or extended family member, or even an attorney.
No matter who you’re going to choose, it is best that you give them some sort of compensation. For example, if you are going to hire an attorney to execute your Will, you may give then at least 2-4% of your properties’ total value.
3.Appoint a Guardian for Your Kids
If you have children and they are still minors, it is best that you appoint a legal guardian that will take care of them in the event that you leave this world. The document should contain at least three names and should also give a brief explanation as to why you chose them to be your children’s guardians.
4.Always Be Specific
Look, no one can read your mind. That is why you need to specify who is getting what property so that there will be no need for legal disputes regarding your properties and other assets.
If you leave this important detail out and assuming that you’ve had an ex-wife or two (with stepchildren at that), then your surviving heirs will have to contend in court about who is going to get the majority of your assets- which I assume, is not something that you want for them.
In the event that you have children and they all want to follow in your footsteps, then you have to be realistic about what they’re going to get. For instance, if you are a renowned piano player and your kids will also want to be one, then ask them who wants to get the only piano that you have. Do this for all of your properties so that there will be no conflicts regarding who gets what.
6.Include Another Document if You Want to Express Something
You’ve probably seen it in movies and television media that people who write their Wills will also include another document detailing what they want to express to their loved ones after they die.
The document could either be additional pieces of paper or you can even have a recording if you want. Just be sure to indicate this in your Will so that the executor will know.
7.Update Your Will if Needed
It is important that you write your Will even when you’re young. Do not worry as you can update your Will as soon as there are major changes in your life, such as your son having their own kid or if you are going to be married to another woman/man, and so on.