Many people find it unnecessary to write a Will because they assume their possessions will automatically pass on to their children and spouse. However, you must take time to write your testament to ensure the proper distribution of your assets and possessions while your family is grieving your loss. It also reduces quarrels, legal hassles, and the stress of funeral arrangements.
If you want to write a Will, here is a guide to making the process easy for you:
Decide between doing-it-yourself, software, or an attorney
When expensive portfolio owners write their Wills without external help, they end up with financially devastating consequences, saddling their heirs with legal fees and hefty taxes. Instead, you must use a probate attorney or reputable online software to help you write the Will to ensure that your assets are protected.
Select the beneficiaries and specify asset division
You must choose the beneficiaries of your money, property, and other belongings while writing the Will. You can identify the beneficiaries online using the last Will form or hire an estate probate attorney to write the Will for you.
You must leave nothing to chance or expect your family members to know what you want. If you have multiple children or stepchildren, it’s better to identify who gets your money and estate to ensure everyone’s taken care of.
Pick a guardian
Name three guardians for your children in order of preference to ensure someone can take care of them until they turn adults. You must also name who will take over the guardianship if the assigned couple were to divorce or die.
Choose the executor
An executor is tasked with the responsibility of legally carrying out your last Will. You can either choose a dependable relative or spend 2 to 4% of your estate’s assets on hiring your bank or attorney to do the job. Read more about the duties of an executor in our blog.
Be realistic about who gets what
It’s impossible to divide a house, car, jewelry, and other assets into parts. Instead, you must talk to your heirs about your assets and ask them to identify what they want from your estate. Mention the asset of each beneficiary in your Will and appoint a reliable executor to ensure it gets distributed fairly.
Find witnesses
You will need witnesses who are at least 18 years old to sign your Will. However, witnesses can’t be people who may directly benefit from your Will. Ideally, they’ll be people who are likely to be around when you pass away. The court calls witnesses to testify when a family member or beneficiary contests your Will.
Review and update your Will
After drawing up your Will, work on a power of attorney and a living Will in case you’re incapacitated. Don’t forget to update your Will after a significant life event like a marriage, divorce, or birth. You must revisit and update the Will document every few years to ensure it reflects the changes in your life circumstances.
About MT Paralegal & Consulting for Wills & Estates
If you are facing trouble writing or executing a Will, MT Paralegal & Consulting should be your one-stop destination. We provide Wills and estate planning consultation services and assist fiduciaries in closing estate deals in a timely, transparent, and cost-efficient manner. You can reach out to us at 240-230-7925 or michelle@mtparalegal.com to know more.
