Having a will is invaluable, and not just for those with massive estates and enormous wealth; a will is vital for so many people. And because there’s genuinely no telling when your time will come, it’s best to hire an estate planning lawyer now to help you draft your will.
A will is vital to distribute your assets, wealth, and even your children in the event of your death. And interestingly enough, even debt can be carried on to the next of kin. So, even if a family member dies with debt, the debt will not be disregarded.
So, regardless of the exact specifics of your financial situation, a will remains pretty essential. That said, when you are drafting your will, there are a few essential things that you must keep in mind.
Before you start dividing your assets on paper, a great way to start when drafting your will is to consider your beneficiaries. Creating a list of your beneficiaries first will be a lot less hassle to distribute your assets and wealth, and there is no chance of accidentally overlooking a beneficiary.
You can also consider using a Funeral Wishes app, which will allow you to list your beneficiaries, store your funeral wishes, and other information in one secure place. With this type of app, you can also give access to certain people at a particular time with safe sharing features.
Your Funeral Wishes
Only you can genuinely decide how you want your assets and wealth to be distributed amongst your beneficiaries. And the same is true when it comes to your funeral wishes; only you know what type of funeral ceremony you would like and whether your prefer traditional burial or cremation.
So, when creating your will, be sure to include your funeral wishes so that you can rest assured your funeral will be planned as you wanted.
Guardians, Trustees, And Executors
In addition, you should also consider who you want to carry out your last will. Even though your spouse or children might seem like the most suitable choices, it is often best to opt for someone that is mutual, unbiased, and something of a third party. It can be challenging to consider this element of your will, although it is vital to make a carefully thought out decision.
You also have the option of a professional executor, which is an excellent choice if you have trouble establishing an executor for your will. Furthermore, you might also need to consider guardians if you are parents to children under 18 years of age. Trustees will manage finances for children under 18 and can also be the same person or people as the guardians.
These considerations are essential when drafting your will. However, there are also other considerations to add in, such as inheritance tax, potential claims against your estate, and several others. Drafting a will can take time, although because it is a crucial document in the event of your death, you should take complete care when doing so.