The Dos And Don'ts Of Writing Up A Will
When you are working on your estate, one of the things you need to do is write a will. The will includes information about your assets, personal property, and even some of your funeral arrangements. Here are some dos and don'ts to follow when writing up a will.
Do: Choose Beneficiaries First
One of the easiest way to start writing your will is to choose your beneficiaries. These are the people who will get certain assets after you pass. You can choose a single beneficiary, such as a spouse or parent, or multiple ones, such as including children, grandchildren, or even a neighbor who you adore. You want to select beneficiaries who will take over property and assets, such as bank accounts, business assets, and homes or land you own.
Don't: Forget to Update the Will
Whenever you have life changes, you need to update the will. This is a common mistake people make. Do not assume that once you write up your will, you will never need to update it. If you create your will shortly after getting married, it will include your spouse but not children you may have. You may purchase valuable property a few years after having the will written up, so you will need to re-visit your lawyer's office to add that property and a beneficiary for the property. Try to make an appointment with your lawyer on a routine basis to discuss the contents of the will and update it as needed.
Do: Choose an executor
Aside from choosing your beneficiaries, you also need to select someone you trust who can be the executor. This is someone who reads the will and ensures your requests are carried out. Whether you request to have certain funeral arrangements, arrange assets, and pay off your debts with life insurance funds or bank account assets. Make sure this is someone who is a trusted, responsible adult. It is not an easy job, so it helps to have someone who knows about it and agrees beforehand. If the person is a minor when you write the will, choose an alternative in case they are not an adult when they are needed, such as a child or grandchild.
Don't: Try to write the will on your own
While there are simple will writing programs, it is still a good idea to get legal assistance. Even if you write the majority of the will yourself, still see a lawyer who specializes in asset management and estate planning. Not only do they ensure the will is written up legally and completely, but they are someone your family can go to after you pass to find out where the will is and what is in it.
