Thursday, April 29, 2021

Writing A Will: 7 Steps You Must Take


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Many people postpone writing their wills. Nobody wants to think about what will happen to their assets when they’re gone. But it is, unfortunately, one of those necessary things in life - something you just have to knuckle down and do. 

In this post, we take a look at the various steps you must go through if you want to write a legal will. Here’s what to do: 

  1. Decide How You’ll Write It

When it comes to writing a will, you have two choices: you can either get a professional to draft it for you, or you can use software. As you might imagine, the software version is much cheaper - sometimes free - but the professional version is more reliable.

In general, people with simple estates choose software templates while those with more complicated positions pay a lawyer. The wording in the will needs to be perfect. Don’t try to write it yourself. If you do, your beneficiaries could face legal wrangling. And they might not get access to your property at all. 

  1. Choose Your Beneficiaries And Executor

The next step is to choose your beneficiaries and executor. The beneficiaries are the people who collect various assets you own, and the executor is the person who makes sure that they get them. 

Ideally, the executor should be somebody you trust and who will always act in your best interest, no matter what the will says. Many people choose an attorney or a bank official as an executor as well, since these people will often act neutrally, in accordance with the desires stated on your will. 

  1. Be Specific About Who Gets What

When allocating parts of your estate, be explicit about who gets what. Don’t leave any wiggle room. 

If you plan on placing assets, such as your house, into a trust, read this at Seller's Advantage. Trusts work differently from regular estates, so you’ll need to consider additional planning. 

  1. Be Careful About How You Distribute Assets

You also need to be careful about who gets what. Just writing down, “50 percent each to both my children” won’t cut it. You need to be detailed in a way that the executor can interpret practically when allocating your possessions. 

  1. Attach A Letter To The Will

Many will writers also like to attach letters to their wills, providing a final parting message to the beneficiaries. The shape and form this takes depend entirely on your personal circumstances. Many will writers use it as an opportunity to encourage the amicable distribution of the estate. 

  1. Gather Your Witnesses

For a will to become valid, you’ll need to sign it in front of two witnesses - preferably younger people you trust who can advocate for you in the future, should there be any issues with your estate. Depending on the laws in your area, they may have to sign the will as well. If you’re in doubt, you can always film the event and upload it to a secure platform, telling the executor that’s what you’ve done.

  1. Find A Safe Place For Your Will

Keep your will locked away out of danger. Always share a copy with your attorney. 

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