It is difficult for one to tell when they will leave this earth since death often comes when least expected. As such, you should prepare a will at the earliest opportunity. A will has several benefits. Most important is that it ensures your wealth is in safe hands after you die. Also, it reduces the chances of family conflict over who will inherit your wealth. If you would like to prepare a will, below are a few considerations you should make.
The executor is the person who will execute the terms of the will. In most cases, he or she can also be a beneficiary. Nonetheless, the person you choose as an executor should be someone you trust. The executor should possess problem-solving and analytical skills. It is an added advantage if the person has a good relationship with the beneficiaries.
One of the main benefits of a will is that it allows you to leave your property to whomever you wish. As such, you can leave your close friends or relatives outside your nuclear family some of your wealth. If you have young children, the best way to protect them is to create a trust. In a trust, you give your property to a trustee who will manage the property until when the beneficiary comes of age. The trustee can either be your spouse or one of the beneficiaries. He or she should be someone that holds the interests of your children at heart.
Subdivision of property
List all your assets and businesses and decide what each of your beneficiaries will inherit. Some people may choose to assign a specific percentage of their total wealth to a beneficiary. Others allocate specific assets or businesses to each beneficiary. The latter is advantageous because it ensures that each beneficiary gets property that they can manage.
If you are a single parent, then your will should stipulate who will take care of your children once you die. Ask the person you intend to name as a guardian whether he or she is ready to take the responsibility.
Wills and Estates lawyer
A wills and estates lawyer is a critical component of the will writing process. He or she will ensure that your will is legally binding. Also, the lawyer will make updates on your will as circumstances change.
When writing a will, determine the executor, beneficiaries, how to subdivide the property and your children's guardians.