iriemade Skip to Content

6 Things You Should Think About When Writing Your Will

Photo by Melinda Gimpel on Unsplash

When it comes to estate planning, many people put off writing a will until it’s too late. This can lead to family members fighting over assets and property, or worse, the state taking control of your estate after you die. The good news is that there are things you can do to make the process easier for yourself and your loved ones. Here are six things you should think about when writing your will.

1. Seek Legal Guidance

If you’re not sure where to start, it’s always a good idea to seek legal guidance. A lawyer can help you understand the law and ensure that your will is valid. They can also answer any questions you have about the estate planning process. A reputable law firm will have experience in drafting wills and can help you create a comprehensive document that meets your needs. Additionally, an attorney will help you complete the following things: 

  • Determine if you need a will: This involves looking at your assets and determining whether or not you need a will. If you don’t have any children or spouses, then you may not need a will. 
  • Choose an executor: This person will be responsible for carrying out your wishes after you die. You should choose someone you trust to carry out your wishes and handle your estate.
  • Designate beneficiaries: Beneficiaries are the people who will inherit your assets after you die. You should carefully consider who you want to receive your assets, as well as how much they will receive.

2. Decide Who Will Inherit Your Property

One of the most important decisions you’ll make when writing your will is who will inherit your property. This includes any real estate, vehicles, personal belongings, and financial assets. You’ll need to decide how these assets will be divided among your beneficiaries. In some cases, it may be best to sell all of your assets and distribute the proceeds evenly. However, you may also want to leave specific items to certain people.

3. Name an Executor

Another important decision you’ll need to make is who will serve as the executor of your will. This person will be responsible for carrying out your wishes after you die. They’ll need to locate your assets, pay any debts and taxes, and distribute your property according to your wishes. Choose someone you trust to handle these responsibilities. Additionally, you should name a backup executor in case the first person is unable or unwilling to serve.

4. Create a Living Will and Keep It Up-to-Date

A living will is a document that outlines your wishes for medical treatment if you become incapacitated. This can be used to designate someone who will make decisions on your behalf if you’re unable to do so yourself. Your living will should include detailed instructions for your care, as well as information on how you want your assets to be used to pay for your care. Once you’ve created your will, it’s important to keep it up-to-date. This means making changes as your life circumstances change. For example, you may need to add or remove beneficiaries as your family dynamics change. Additionally, you should review your will regularly to ensure that it still reflects your wishes.

5. Make Arrangements for Your Minor Children

If you have minor children, you’ll need to make arrangements for their care in your will. This includes naming a guardian who will take custody of your children if something happens to you. You should also set up a trust fund to provide for your children’s financial needs. Additionally, you should consider writing a letter of instruction to your children’s guardians. This letter can guide how you want your children to be raised.

6. Store Your Will in a Safe Place

Once you’ve completed your will, you’ll need to store it in a safe place. This is important to ensure that your wishes are carried out after you die. You should give copies of your will to your executor and beneficiaries. Additionally, you should keep a copy in a safe place, such as a safety deposit box. Make sure to update your will if any changes are made so that everyone has the most current version. Don’t let you will become lost or misplaced. Store it in a safe place where it can be easily found.

By following these steps, you can ensure that your will is properly written and executed. Taking the time to plan for your death now can save your loved ones a lot of stress and heartache later on. From deciding who will inherit your property to storing your will in a safe place, there are many things to consider when writing your will. But by taking the time to plan, you can ensure that your wishes are carried out after you’re gone.

Pin It on Pinterest