We all know the importance of a will. This applies primarily to senior citizens, but we should all have a choice written in advance as life is unpredictable. You may not be familiar with this, but most of a person’s typical household assets, like retirement accounts, qualify to be transferred outside of a will unless you leave them to a specific person. Powers of attorney and financial records have more control in determining who gets what.
This short write-up will tell you about things you need to know about writing a will.
We recommend following the 10-step plan:
- Hire an attorney, like us, or opt for a DIY software online
- It would be best if you had an executor of your will
- Your children will require a guardian until they turn 18
- Write it down and be specific about who will be getting what
- While doing this, be realistic
- Make sure you also write a letter as your official statement
- Next comes your sign – make sure you sign it carefully and properly
- Store your will someplace where only your executor can find it
- Constantly keep reviewing and updating your will as per the changing circumstances
Selecting Beneficiaries
We all make one common mistake – we forget to update beneficiaries on all the essential and key accounts that are supposed to go with all the plans. If there are no names on your will, the executor will have no choice but to pick names off of any life insurance plan, house papers, or bank accounts documentation.
The Executor
No one wants a state-appointed executor. They enact wills based on neutrality and by the book. Sometimes, executors might be “procured” by one of the parties involved, and things might unfold in their favor. To avoid all this, make sure you mention who will be the executor of your will. This could be a trusted friend with a background in law or an attorney who has helped a close relative of yours.
Attaching the Letter
The most important part of the will-writing process is the letter you will be putting with it. This will not only serve as a goodbye to your loved ones but will also reflect on how you want your will to be executed in your own words. This letter is often scanned and re-read in case things go amiss. Be sure to make no mistakes and write it as naturally as possible.
Writing a will is a ten-step process. Be vigilant about each step and make sure you take extra care of the three essential parts, i.e., selecting beneficiaries, finding the right executor, and attaching your letter.