Ensuring The Will You Write Is Valid
Nobody wants to think about dying. After all, it is not the most exciting and cheerful subject to discuss, is it? But the harsh truth is we need to think about. You have to think about the loved ones you are going to leave behind, especially if you have children. You must take the time to devise a will in order to ensure they are protected. It allows you have to control over everything from appointing guardians for your children to devising up your assets.
If you don’t create a will, then your estate will be divided and distributed by intestate law. What does this mean? Well, if you are survived by your spouse and your children, then this will be equally divided amongst them. Equal division also occurs if you are survived by your children only. It then goes to your grandchildren. After this, it will be distributed equally between aunts and uncles, parents, cousins, brothers and sisters and grandparents. If you have minor children, then the court will appoint their guardian (if your husband or wife did not survive you) and they will appoint their guardian of the estates too. This can often lead to many problems, and individuals tend to prefer to have control over who gets their assets, money and property.
So, how do you go about preparing your will yourself? First and foremost, you need to begin with wealth management, i.e. how are you going to divide your monetary assets, personal belongings and alike? This is completely dependent upon your own personal wishes. You don’t only need to decide on how you are going to divide everything up, but you also need to pick an executor. This person will be responsible for carrying out your directives, managing your estate and following the correct legal processes after your death. Needless to say, it is imperative that you select someone who you trust – someone who will act in your best interests entirely. You will also need to let this person know where you are keeping the will as well, so they will be able to access it.
When actually devising the document, you need to begin by identifying your full name, your address and your social security number. Next, you need to make a declaration. This must state that you are in sound mental health and that the will expresses your final wishes. Next, include your family details and state who your executor is going to be. You will have to dedicate a section to state that you give the executor power to act in your interest. The next step is to bequeath your assets. Finish off by making any special requests and then sign.
Of course, you will need to seek the aid of a financial adviser like Bannister Preston who will help you to guarantee that your will is composed as it should be. Companies like this have strategic partnerships with the right people in the industry who will be able to provide you with an inexpensive solution to your multi-jurisdiction wills if you’re an expert.
So there you have it: everything you need to know about putting together a valid will.