6 Things You Need to Know About Writing a Will
Creating a Will is one of the best things that you can do for your loved ones. Why is that? That is because all of your assets can be given to your beneficiaries without any hassles.
I remember a time when my friend’s aunt died and because she was not married, there was no one who is “fit” to claim all of her possessions. After a couple of legal actions and back and forth interactions with the family attorney, everything was settled. But, the process is long and arduous.
When creating your Will, you have to make sure that you know how to write it in a way that will not leave any room for disputes and challenges.
Today, I am going to talk about some important things that you need to know about writing a Will.
What Happens if I Die without a Will?
Suppose that you die without a Will, you will be known as an intestate. When you are deemed as such, all of your assets and properties will be divided based on the individual laws of your state or country.
The process of transferring your properties to your legal heirs is called a probate. Since you do not have a Will (and therefore, no one to execute anything), the judge that will take care of the case will appoint an administrator. An administrator may also be appointed if you did write a Will, but it was deemed invalid by the court.
Do I Need a Lawyer?
Technically, you do not need to have a lawyer when you’re going to write your Will, but they do come in handy, especially when giving advice about the legal requirements of such legal document.
Should I Make a Joint Will with my Spouse?
Although you can do that, it is actually not advised that you do so, due to the simple fact that there is a huge chance that you and your spouse are not going to die at the same time.
Who Can Act as a Witness to Your Will?
The court of law actually permits anyone to be a witness to your Will, but keep in mind that it would be so much easier (and free of problems) when the witness is not a part of your beneficiaries.
Who Can I Name as My Executor?
When you create your Will, you will need to appoint an executor that will carry out your wishes based on what you have written on the document.
That being said, people typically appoint their spouse as their Will’s executor, but they can also name their immediate family or someone they can trust.
In the event that no one in your immediate family can be appointed, then you can get some legal services instead.
How Do I Leave Specific Properties to My Heirs?
You want to put down all of your properties and who are going to receive them on your Will. In addition, you can also add a letter of instruction which will also highlight or reiterate the things that you’ve said on your Will (especially when it comes to who receives what).