Three Critical Issues to Address When Drafting Your Will
Posted on: 13 April 2018
If you are planning on preparing a will, you should hire the services of a good lawyer. Drafting a valid will can be a challenging undertaking, and it is not unusual for individuals to overlook some important issues. You should remember that oversights can make your will invalid, and your family might be exposed to avoidable problems after your demise. Here are some of the critical issues that you must consider before drafting your will.
Children Guardianship
You should plan for the guardianship of your children when writing your will. Under ideal circumstances, you should create a new will when your children are born in case something happens to you and your spouse. You should nominate your preferred guardians in your will for your minor children. When choosing a guardian, you should compare the candidate by evaluating issues such as their values, lifestyle and beliefs. You should also choose an individual with whom the children can bond. Additionally, you should take into account practical issues such as finances and physical capabilities. You can also record wishes on your children's residence, school life and social aspects.
Value of Your Assets
You should not be careless when allocating your assets to beneficiaries in your will. Often, people get excited about the distribution of items and overlook some significant possessions. Ideally, you should record the assets you own in categories and their values before beginning allocation. This practice should help you make clear-minded decisions. You should take note of jointly owned assets. If you die, these possessions will be automatically inherited by the partner. However, if the ownership is in form of 'tenants in common', you can allocate the rights to your chosen beneficiary. You should also remember to include sentimental items because these can cause conflict among the grieving family members.
Executor of Your Will
You should choose an appropriate executor of your will when preparing the document. If you choose an unsuitable executor, your family members might suffer due to the delays in the allocation of your assets. The executor will be responsible for handling the estate after your death and carrying out your described wishes. You can choose a trustworthy family member or friend to act as the executor. However, you should first ensure that they have the time to accomplish the tasks. Ideally, the executor should be a beneficiary because the work can be overwhelming for someone with nothing to gain. Alternatively, you can hire a third-party legal professional, trust company or bank to provide assistance.
Talk to an experienced lawyer if you have more questions about wills.
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