Are you wondering if now is the best time to create a last will & testament? While it may not be something you are excited about, you realize that putting the process in the past is the best thing you can do.
While some people know exactly what to expect as they move through the process, others are unsure of what they are doing. This uncertainty can turn things upside down during this very important time.
But here is something you need to remember: there are a few basic steps you can follow to ensure that you create a will that suits the needs of you and your family.
- Make a List of Property to Include in Your Will
This is a basic step, but it is one that many people overlook. If you are going to create a will, you need to know what property to include. Neglecting to make this list is only going to slow you down. Not to mention the fact that it could lead to a mistake that impacts your family when you pass on.
- Who Will Inherit Your Property?
Perhaps the most important question to address, you must decide who will inherit your property when you pass on. This is an easy decision for some, but more difficult for others.
You can leave your property to anyone you please, so make sure you think long and hard about this decision.
- Choose an Executor
This is the person responsible for carrying out the terms of your will once you pass on. Be sure that you choose a person who is trustworthy and honest, as they he or she will be staffed with a serious responsibility at some point in the future.
- Choose a Guardian for Your Children
Do you have children under the age of 18? If so, you must decide who will raise them in the event that you and the other parent, such as your spouse, are no longer in position to do so.
Just the same as an executor, you need to be extremely careful about who you choose as the guardian for your children. This person or people should have beliefs that align with yours.
- Sign Your Will in Front of Witnesses
Once your will is complete, it’s time to sign the document in front of at least two witnesses. This is the last step in the process, so don’t delay in finishing off the task.
Final tip: make sure you store your will in a safe place. The last thing you want is to have your will destroyed. While it is likely that your attorney has a backup copy, this can be a hassle.
While it is important to store your will in a safe place, you don’t want to make it difficult for your executor to find once you pass away. When the time comes, it’s important that this person is able to access your will in a timely manner.
Getting Started
When it comes down to it, the most difficult part of creating a last will & testament is the first step. You need to take a step in the right direction in order to realize that this is something that is important to the future well being of your family.
As you begin to make your way through the five steps above, you will feel better about where things are headed. When everything is said and done, the only thing that matters is that you feel better about your estate plan.
Do you have questions about creating a will? Are you concerned that you have made some estate planning mistakes in the past? It’s no time to panic. Instead, you need to review your situation and make changes for the better.
If you require professional assistance, you can join us for a free seminar in the near future. Our seminars touch on many aspects of estate planning, ensuring that you leave with more knowledge than you previously had. And of course, you are given the opportunity to ask questions and connect with legal professionals who can provide you with personal assistance should it be required.
- The Questions of Estate Planning, Part 6: Why - January 6, 2020
- The Questions of Estate Planning, Part 5: How - January 2, 2020
- The Questions of Estate Planning, Part 4: Where - December 30, 2019
By Appointment Only
All Mail Should be Directed to the Middleton Address