Business Education

5 Things to Consider Before Writing a Will

Just like estate planning, a will-making task can be overwhelming and daunting. Many people don’t even create a will because they think it’s complicated or it reminds them of their death. 

But leaving behind a will is important as it will help your family make appropriate decisions regarding your assets and children if any. 

Here are some things that you need to consider regarding your will to make the process more straightforward.

Discuss it with Your Loved Ones

Discussing your life wishes can be a difficult topic to discuss especially with your loved ones but it’s important to have these conversations. The best way to avoid disputes, later on, is to make sure your wishes are known to the family.

It’s also giving up an opportunity to know what they think. You don’t necessarily have to share every detail in your will but here are some common things that you can discuss with your family:

  • Your funeral and burial wishes
  • If you have created a will and where will you store it 
  • Who will be your executor 

Plan Where to Distribute Your Belongings 

You need to decide how to distribute your assets and belongings. The things that you list under specific gifts: your family heirloom, cash, jewelry, art, property, or monetary amounts are part of your main asset. Allocate the specific gifts first then have a look at other things. 

Anything that you do not include in your specific gifts will become a part of your residual estate. Take your time to think about the items that you would like to include in your will. It will help you add on things in case you forget about them. 

Identify the Important People in Your Life

Before you write your will, it is important to outline the people that are suitable for key roles related to your estate. It includes roles like guardians for your minor children, estate trustees, and attorneys for property and personal care. 

All the roles are significantly important and have huge responsibilities so take your time to speak with the individuals. Discuss with your Will Planning Lawyer about your wishes and create a draft that will make things easy for you. 

Decide on Funeral Plans

Writing a will can help you make plans for your funeral and how you would like it to be. Making plans beforehand will help reduce stress and uncertainty for your loved ones. It will also help eliminate financial problems related to a funeral. 

You can write in your will whether you want a traditional funeral ceremony or a unique one. Make sure that your wishes are listed in a separate document that is stored in an accessible place. 

Choose a Suitable Will Making Method

There are many ways to create your will that suit your needs. If you have a simple estate then you can consider an online method of creating your will. You can visit will-making websites to check if you meet their eligibility criteria.

On the contrary, if you have a complex state or require legal advice then it’s best to hire a lawyer and discuss your plans.

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