Looking for ways to safeguard your family’s future? Well, think about creating a will! Having a will in place allows you to rest easy knowing that you’ve set your family members and loved ones with protection against financial difficulties even when you’re no longer there. Also, creating a will can give you clarity and peace of mind.
When you approach will preparation at first, it may seem daunting as it requires a lot of time, effort, and brain power. However, you need to consider the long-term situation and carefully plan everything out. After all, your will is the ultimate record of your wishes after you’ve passed on. But don’t worry, we’ve got you covered!
Here are some simple yet essential things you should consider when creating a will.
Decide who will draft your will
With a wealth of information available online, you can opt for ‘do-it-yourself’ and create it online or hire a lawyer. Creating your will using digital platforms helps you make your will preparation less time-consuming. Online resources are much quicker and give you the flexibility of writing your will on your own time, making it beneficial for you to create a will online.
Not just that, instead of hiring a lawyer and paying them, creating your will online allows you to access high-quality templates and forms, helping you save money. In addition, making a will through online platforms allows you to update your will anytime you want without any charges.
However, while creating your will using online tools, you need to ensure you’re using legal language; otherwise, it might be ruled invalid. Besides that, you will need to be aware of your state’s witnessing and notary requirements.
Choose an executor
While creating a will, you need to select an executor; it’s the individual you choose to administer your estate. The executor doesn’t necessarily have to be a beneficiary of the estate; you can choose a friend or family member. Remember to choose your executor wisely as they will be responsible for various jobs, such as finding where your original will is stored.
Besides that, your executor will have to inform banks and relevant companies about your demise. Moreover, an executor is responsible for setting up an executor’s account for paying ongoing bills and your estate liabilities. In addition, they’ll be responsible for distributing your personal belongings and assets according to the will.
But what if you can’t think of anyone suitable for this risk, or there is a risk of family conflicts? Consider nominating the state trustees as your executor. Even though hiring independent executor services comes with charges, it saves you from the hassle of deciding who you should choose and give you peace of mind.
Gather all documents
Wouldn’t you be surprised if we tell you that you don’t need to do a lot to prepare to create your will? In fact, it can be quite simple and easy to start. But how is that so? Well, getting all the essential information together before you start can help you breeze through the process. Before creating your will, ensure you have all the necessary documents like marriage licenses or divorce certificates and birth certificates.
Alongside, ensure you have your deeds to property, mortgage information, and insurance policy information. Ensure to have beneficiaries assigned and updated on every insurance policy. Moreover, having the investment portfolio and phone numbers of your lawyer, banker, and financial advisor can be quite handy in the process of making a will.
Think who will benefit under your will
There are some crucial pieces of information that you need to think about while creating a will, like who will benefit from your estate. How can you do that? Name beneficiaries and clearly state what each of them will stand to inherit, helping you ensure your wishes are fulfilled.
Consider creating your list by including:
- Family members such as grandchildren, children, or immediate family
- Friends
- Spouses or civil partners
- A chosen organization or charity
Besides naming people, consider who you want to get benefitted from your will and think about who will be responsible for your children under the age of 18. Alongside, think about what will happen if your heirs die before you.
Decide where to store your will
After writing your will, you must think about where and how you will store it. Fortunately, you have a handful of options when it comes to storing your will, such as a safety deposit box. However, remember that safety boxes can be hard for your family or loved ones to access after you pass away. In addition, consider keeping it in a fireproof safe.
You can also store your will in a ‘legacy drawer.’ It’s an idea where you keep all your documents in one place, making it easier for your family members to find them when the time comes. A legacy drawer doesn’t have to be a literal drawer; it can be with a person you’ve chosen as your executor or your lawyer.
Identify your assets
One essential thing to consider while creating your will is to identify your assets. Take a thorough inventory of your financial assets, such as bank accounts, investments, retirement funds, and credit cards. Moreover, if you own any major assets like a house, car, or property, remember to check whether you own this asset independently or with someone else.
For instance, if an item is jointly owned, the living owner will get the property automatically when you die, and it won’t be a part of your will. Whereas if the item is owned as tenants in common, the section of property owned by you can be included in your will. Besides that, don’t forget to consider your digital assets. These are any of the electronic accounts that you log into or use online. They can also vary from email to social media accounts to online bank accounts.
Be specific
While creating your will, remember to include specific instructions for the distribution of your estate, including complete lists of unique items for selling or liquidating. For instance, for substantial assets like large bank accounts, real estate, and certain insurance policies, you can select beneficiaries who are responsible, mature, and adults. In addition, you can also include a separate letter of instructions highlighting your wishes, but it doesn’t require a public filing, allowing you to create more intimate communication with your close ones.
Final thoughts
Creating a will may seem daunting. However, the helpful things mentioned above can make the journey easier for you and help you create an effective will, allowing you to take care of your family always.
