Will-making is tough but interesting; we can see it as a solution for your family and generations. What is a Will? Well, when you die, what will happen to the property you own? It’s not only about your property but more! Your whole estate planning is a will.
A will can decide who is getting what! So, basically, a will is a distribution process of your estate before you die. So, it can be called a predistribution of estate, which is a planning as well. This advanced planning can help protect your process of distribution legally.
Well, it also covers some non-legally binding directions. For instance, if you have any special wish, such as a funeral presentation, or want to decide on a guardian for the minors, you can do so through an estate will. Estate planning is the most obvious factor that many people miss in their livelihood.
We do not want you to face the same as the ultimate instance of estate planning is will preparation. The whole thing you want to make depends on the process of wills making and who you choose as an executor.
You are preparing the will now, but the distribution will happen according to your will after you are dead. So, there must be a representative who you will decide now. When you decide on an executor or more, they must follow your will conditions thoroughly.
What Happens if an Executor Doesn’t Follow the Will?
Well, the executor’s duties and responsibilities are bound to your conditions, and they are bound to follow that. They might face various challenges with the distribution process, but preventing the executor’s dispute is also possible through legal probate laws.
Making A Will? Keep These Things In Mind!
Will distribution is tough work, and tougher is its preparation. Why?
Well, you will do the future work while preparing your wishes and managing everyone’s stake. You cannot just get anyone out of your property if you have blood relations. So, it is your decision for the future regarding the estate, but it must follow legal conditions.
However, before you prepare a will, you will need to follow some legal constraints, and that makes it more difficult than you have imagined before.
Dont worry! We have got you covered this time. We have gathered some of the best instances to prepare a will. You will get the details of preparing a will from your attorney or anyone expert in this field. However, you are not alone in this mess and will need to manage things before you die.
We have some crucial options that you should know to make your will preparation smoother than ever.
What Happens If You Die Without A Will?
If you die without a will, the distribution of your property will be decided by the state’s law, also known as probate law. This means that your property may not go to the individuals you want it to go to.
It may also result in an expensive and lengthy legal process for your loved ones to follow. The next generation is going to suffer a lot for your decision not to prepare a will while you are alive.
It is important to make a will to ensure your wishes are carried out and avoid any unnecessary legal complications. A lack of will makes the distribution process way harder than you can imagine now.
The next generation, including your loved ones, can get involved in fights, and relations might break.
How Often Your Will Needs To Be Updated?
Your will should be updated whenever there is a significant change in your life or circumstances. For instance, it can be any major event, such as marriage, divorce, or the birth of a child. It may also include the death of a beneficiary or executor.
It is also crucial to update your will if you acquire new assets or experience a change in your financial situation. Try to review your will every few years and ensure a better reflection on your properties and assets. This can help you stay updated and fine with your estate distribution.
A Will Doesn’t Cover Everything
Yes! You have heard it right! You need to understand that a will doesn’t cover everything. For instance, it doesn’t cover jointly owned assets or beneficiary designations, such as life insurance policies and retirement accounts.
Try to review all of your assets and ensure that they are properly titled and designated to avoid any confusion or disputes in the future when you will not be present.
Where Should You Keep Your Will?
Once you have created your will, try to keep it in a safe and secure place. Try to consider an easily accessible place where anyone can reach without constraints.
For that, you can keep your will in a fireproof safe or a safety deposit box at a bank. It is also a good idea to let your executor know where your will is located so they can access it easily when it comes. This will help your executor find the will easily and distribute the property as needed.
Whatever option you choose, make sure that it is in a place where you keep all your other important legal documents.
An Attorney — Or Not
Preparing a will can be complex and sensitive as well. Hiring an attorney to prepare a will is not legally required, but it is highly recommended.
Why? Well, an attorney can play a biased role in your will preparation while removing all the emotional constraints. An experienced attorney can help ensure that your will is legally valid, properly executed, and accurately reflects your wishes.
Additionally, an attorney can provide valuable legal advice and guidance throughout the process, helping avoid potential future errors or disputes.
Choosing Your Witnesses
Choosing your witnesses wisely is the most critical task you have for now. You will not be present there when the will can be distributed. So, you need to find a better executor who knows what you do and understands what you have done so far.
Your mutual understanding and real trust can be the game changer here. So, be wise and try to differentiate between a traitor and a believer.
Naming An Executor — Or Two
If your affairs are complicated, you should not refuse to consider a legal advisor like an attorney. They will help you find your executor appropriately. It is always better to keep more than one executor.
It can be your wife and a friend you trust. This combination works best, but you can choose according to your conditions.
Photo by Andrea Piacquadio.
