Things to Keep in Mind When Preparing Your Last Will

Things to Keep in Mind When Preparing Your Last Will copy

Indeed, one day we are all going to die, and when that happens, some individuals will leave their estates to be shared by different beneficiaries. However, disputes often arise over the distribution of wealth after the death of particular people. These disputes can be resolved if the individual involved leaves a valid will that states how they want their assets to be distributed.

Therefore, for the will to be valid, the testator should keep certain things in mind when preparing their last will. Some people may think that it is not necessary to prepare a will when you’re young and healthy and that you can take your time, however, if you have assets that can be distributed after your death, you should always write a will as soon as you can. You can read on to learn about vital elements to consider when you prepare for the last will.

How to Write Will

A will is not just an ordinary document since it can play a pivotal role in protecting your loved ones against conflict. Some specialized attorneys deal with issues related to will writing and solving disputes that may arise following the demise of individuals with contested estates. You should always learn more about will contest lawyers from trusted sources to see if you require their assistance in writing a will. There are different laws in various states that should be observed when writing wills that you should follow.

Estate laws in different states significantly differ so you should do your homework properly if you decide to write the will on your own. You must remember that you can only write a will when you are in a sound mental state and it should be signed by witnesses. The witnesses should not be beneficiaries and they must sign the will in the presence of a notary.

Alternatively, you can seek legal advice from an experienced attorney when writing your final will to avoid its contestation when you are gone. This can give your loved one’s peace of mind especially when everything in the will has been conducted accordingly. Experienced lawyers can provide you full details about how you can distribute your estate among the beneficiaries to protect their interests.

State Your Beneficiaries in the Will

Your last will should clearly state the beneficiaries of your estate. It should state their names and addresses to avoid disputes that may arise when your assets are being distributed. You should also remember that laws in many states typically favor the current spouse. The will should contain a separate letter that clearly states who inherits items of tangible value. These are the major causes of conflicts among the beneficiaries of the will.

However, you can also involve other people such as children from your previous marriage or members of your extended family in your will if you want. You should state clearly what each person will get from your estate to avoid disputes that can arise among other interested parties.

It is also important to constantly update your will so that it includes all the latest changes that can affect the inheritance laws of your estate. If you have divorced or remarried, your last will should state these details since they can be the major source of conflicts.

In the same vein, you should avoid writing your final will under undue influence from other people. You may be pressured by certain relatives interested in your estate to tweak your will in their favor especially when you are on your deathbed. It is vital to ensure that you finalize your will when your mind is in good health to avoid disputes that can affect the bona fide beneficiaries of your estate.

Avoid fraud

When writing a will, you should avoid using fraudulent means for personal interests. For instance, if you and your spouse sign a reciprocal will, the estate plan should remain the same even after the death of the other partner. Some people may try to amend the will after the passing on of their spouse. This action puts the other beneficiaries at a disadvantage, but this can be contested.

Appoint a Guardian for Young Children

A will that excludes the interests of the children can be heavily contested so you should always keep that in mind to avoid conflicts. You should include in your will a guardian whom you trust to raise the children in a manner that reflects your interests and values. The guardian should have access to all the necessary funds that can help in the upkeep of the children. It is also essential to state in your will that your children’s guardian should have uninterrupted access to them so that they get the best opportunity to improve their well-being.

Include an Executor in Your Will

Another important factor that you should keep in mind when writing your last will is to include an executor. You should choose a person with a traceable history of financial responsibility to execute your estate. The advantage of choosing an executor you trust and who is also fair is that disputes would be significantly reduced.

In most cases, an executor is an independent person who is unknown to the beneficiaries so they are not likely to contest their involvement in the execution of the will. It is also essential to determine how you want the executor to be paid for their time in managing the distribution of your estate. In some cases, the executor gets a certain percentage from the estate and these details should be clear to avoid disputes.

Place the Will in a Safe Place

When you have completed writing your last will, you should also remember to keep it in a safe place. You should ensure that the executor is aware of the location of your will otherwise it may be a futile exercise to prepare a will that will serve no purpose.

A will is a very important document that helps safeguard the future of your family and your loved ones when you die. The document outlines how you want your wealth to be distributed among the beneficiaries and it helps to prevent conflicts that may arise when you are gone. Therefore, there are vital things that you should keep in mind when preparing your last will.

Source: Martinihouse

Joseph P Demars
Joseph P Demars
Joseph P. Demars is a food lover and an entrepreneur who has experienced in running successful restaurants. Joseph lives in Chicago with his adorable family. His wide knowledge, plus his practical skill has helped him earn extraordinary profit from running restaurants.

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