One of the essential legal activities that each of us faces is deciding how, after our death, our assets will be used and who will benefit from them.
Estate planning and the writing of a will are a significant way to make a powerful statement with these assets. However, a considerable number of people die unwillingly.
When this happens, the state or others decide for us where and how the property will be distributed. If your preferences have not been clearly stated in a will, these preferences are unlikely to be realized.
It is, therefore, vital that you have a will. It is a beautiful way to express your love for the people and organizations you appreciate.
It is a way to take control of your assets and make a final statement.
Guidelines to consider when writing a will.
There are four “P’s” in estate planning.
People. Consider all the people who are important to you and to whom you would like to provide. This can include your spouse, children, relatives, and friends.
Ownership, Consider all the properties you own, including bank accounts, real estate, stocks, bonds, life insurance, pension plans, and personal property.
Plans, ask yourself how you would like to provide for the people in your life and how to make it happen. The people who are important to you will be provided for in the future. Will you have enough income to manage during your retirement years?
Planners, Who are the people who will help you with your financial goals? Consider lawyers, accountants, bank agents, stockbrokers, and insurance agents to help you achieve your business goals.
As the will is a legal document, it is highly recommended that you consult your attorney. Homemade wishes can be disastrous.
You can omit particularly important details or, inadvertently, write sections in a way that can be misinterpreted. Making a will with the help of your lawyer is the only way to be sure that your wishes will be followed after your death.
When preparing a will with a professional, you will save your family a lot of extra worries. Wills are not just meant to pass on their assets.
You can also include specific funeral arrangements—for example, burial, cremation, or using your body for medical research.
You can also appoint legal guardians to look after your children if you and your partner die before age 18.
Another important consideration when writing your will is the appointment of your Executors – the people who handle your property at the event of your death.
Ideally, they should be family or business friends or professional advisers.