Drawing up a will document is one of the most important things you can do to prepare yourself, your family, and your assets for whatever happens next. Both young adults and older adults alike should write a will to ensure that things are taken care of properly and aren’t left up to the local government. Here are some important aspects of a will that will give you a good idea of where to start.
Getting some legal advisement is a great place to start when it comes to writing a will. Things can get tricky when there are large assets involved, such as estates and property. Rules vary from state to state and working with a lawyer can help you have a clear understanding of what can be done when passing your property on to another person. The same goes with giving away your wealth. Seeking legal council will make sure that you are taking the right steps to bless others with your remaining wealth.
Select an Executor.
Choosing someone you trust to be the executor of your will is important to give you peace of mind that things will be done according to your wishes. This person doesn’t have to be a spouse or a family member; it can also be a lawyer or financial consultant. Anyone you choose (given that they are over 18 years of age) can carry out this task, as they are legally obligated to work in your interest. Here is a brief summary of the duties that lie to the executor of a will: evaluate all belongings and assets, distribute and appraise assets, pay taxes, and settle all debts still owed by the deceased person. This role can become stressful for a person, so you will want to ask them ahead of time and include their name in your will.
Selecting the Beneficiaries.
This is choosing who will inherit your possessions and assets. Often times you will have primary beneficiaries and secondary beneficiaries. This is because it’s good to have a backup plan if your primary beneficiary dies before you or if they are not of age to inherit. If that is the case, then your secondary beneficiary will come into play. You want to be specific about the people you choose. Use their full names so that it is clear who will inherit your property. One of the risks of not having a secondary beneficiary is that your property may end up in probate, if the primary person isn’t capable of inheriting. This can drag out the process of distributing the will and is an expensive way to go about things.
When Should You Write a Will?
It is thought that only older people need to write a will, but really anyone with dependents or assets should write one. Whether you are single, married, or have kids, you want to be sure that you have a backup plan just in case something happens to you unexpectedly. Being a young adults or older adult doesn’t make any difference on the necessity of being prepared for whatever happens in life.
Once you write a will, it is good to review it and change things as needed. You can always cater your will to the changes that happen in a person’s life. Such things include having a child, getting divorced or remarried, moving, or losing an heir. As time goes on, your will is customizable. So you don’t have to worry about it being a one-time permanent document. As long as you are alive, it can be changed to your liking.