Even though writing a will isn’t something we think about every day, it still shouldn’t be neglected. However unpleasant a task this might be, it is still unavoidable. Not only that but it also very important for your family in case anything unexpected happens. Creating a will means putting on paper all of your wishes which will help your heirs avoid any issues or hassles. You’ll also be much more peaceful knowing that you took care of everything critical when you had the chance. Your family will save a lot of time and money with the will written and that's only a portion of the benefits this brings. If you're about to create your will, here are some of the things you should know before writing it.
What is a will?
Even though we all know what will is, we may not know the exact terminology which follows this kind of legal matter. For instance, the person writing the will is called the testator. Hence, the will is the legal document which the testator uses to manage the estate after the death. No matter whether you have a large estate consisting of multiple houses and vacation homes or if you have smaller items such as photographs, a will is still very useful.
Once you decide who inherits what, you get to create the will. The person named to manage the estate in the will is called the executor since this person will be the one to execute the wishes. The will doesn't just declare who gets houses and photographs – it declares who becomes the guardian of children as well, if the kids are minor, of course. The people who inherit parts of the property are called the beneficiaries.
Dying without a will
Unfortunately, not everyone writes a will before they die. That can make the legal processes following the death a bit more complicated, but not too much. A person who dies without a will is called the intestate. In this case, the estate is inherited in the way the law of the country says. The rightful heirs will then inherit the property and the process of transferring this property to them is called the probate.
As there are no named executors when a person dies without a will, the judge is there to name an administrator who will serve in that capacity. Administrators are also there in case a will is said to be invalid. An administrator needs to be someone who is objective, which means that this person is probably going to be a stranger to your family. That also means that your wishes and the wishes of your family don’t have to agree with what the administrator says. For this matter, it’s always best to have a will.
Writing a will with an attorney
Since there are a lot of legal matters to be taken into account when writing a will, it’s always best to do it with an attorney by your side. Of course, you aren’t legally required to have a lawyer when creating a will. Your will only has to meet the legal requirements of the country and, as long as that is true, you’ll have no issues whatsoever and the will is going to be valid. However, there are a lot of reasons why this is more than a good idea.
If you’re writing a particularly complex will, you should definitely have a lawyer by your side. There are a lot of complex situations that may come up once you get to write a will. For instance, if you’re a company director, you’ll have to explain the specific circumstances in your will and state your wishes as clearly as possible. With a wills lawyer, you’ll be able to successfully resolve any family complications, such as previous marriage or divorce. You’ll also be able to exclude someone from the will. This is normally a person which is expected to benefit from your will.
Guardianship of children
If you have minor children, you are probably most worried about what would happen with them in case you’re not around anymore. Of course, you can always count on your partner, but if you’re a single parent, or if, god forbid, happens to both of you, you should have a plan for your kids’ future. The first thing you need to do is think about who would you want to raise your kids if you and your partner are no longer around to take care of them.
You'll need to carefully choose a nominee you would like to be a guardian of your kids. You should consider things such as similarities to your lifestyle and values and the physical, financial, and emotional state of the person you have in mind. You'll need someone who you and your kids trust. You'll also need someone willing to take on this huge responsibility. After you've found the proper person, you could write down some of the wishes for your kids. For instance, you could write where you would like them to be raised, what kind of education they should have, and what values you would like them to inherit.
The things you own
When you’ve decided on the guardianship of the children (if you have any and if they’re minor), it’s time you’ve started thinking about the assets you own. Everything that is on your name will have to be inherited by someone else. Writing a will lets you decide on who gets what and under what conditions. If you don't already have a list of your assets, now is the time you've made one. The best way to do this is to organize everything into different categories and sections. That will help you remember everything and keep things as organized as possible.
For the larger and more significant assets such as a car or a house, you should make sure to identify whether you own them independently or with someone else. For instance, you could own them with a business partner or with a spouse. In case the asset is jointly shared, the surviving owner is the one who inherits it and this asset will not be a part of your will. On the other hand, if the asset is shared under the term – tenants in common – the asset will be in your will. Another thing you should ensure to do is find your certificate of title for your house, as these things are necessary for the process.
Cherished items
Even though the larger items are the most important ones when it comes to writing wills, you still wouldn’t want to neglect the smaller, but yet very important assets as well. Even if these aren’t significant in value, they may still have a personal value. You wouldn’t want just anyone to inherit something you loved and cherished, no matter how small or insignificant to others it may seem.
You may have inherited something of an emotional value from your grandparents or parents. It is normal that you want your kids to inherit this and no one else. To make that happen, make sure to state it clearly in the will. You may want some precious necklace to go to your daughter or you may even want your grandkids to inherit something else from your family heirlooms. With a well-written will, these things won't go into the wrong hands.
Appointing an executor
As it was already said, the executor is the person named in the will who will carry out the wishes of the deceased. Since the executor is there to manage your estate if something happens to you. The executor should be someone responsible and trustworthy. It is a role that shouldn't be taken lightly. That means that you shouldn't just name any family member for this role. Instead, make sure to think carefully about who this person should be.
If the executor is an individual, this should be someone who is named to be the beneficiary of the state. You want someone who will be interested in the estate and someone who will take this seriously. If you don't have anyone around you who you think would be suitable for this role, you could always use an independent executive service. These will help your family a lot, but they will also cost some of your money, so don't forget to consider that aspect as well.
Naming the beneficiaries
People who will benefit from your will are called beneficiaries. These aren’t just the people, they could be charities and organizations as well. Whoever and whatever it is you want to benefit from the will needs to be clearly stated in the will. Once the funeral and testamentary expenses are paid off (and debts if there are any), what remains is your residuary estate. The beneficiaries may then have a share in your residuary estate or they may receive some specific items. That depends on you and your wishes.
What’s good to know is that anyone could be a beneficiary. There is no age limit to this, which means that even minors can take this role. That means that your kids or grandkids could be named in the will as well. However, if this is the case, the executor is the one to administer the assets of the minors. This has to be done in accordance with your wishes and terms stated in the will. Once the beneficiaries are named, their contact details should be named as well.
Giving to charities
In case you want to give some of your items to charity, you should also make sure to state it properly in the will. You may have an organization that has assisted you or your family during the lifetime and if you feel like you want to show your gratitude, this is one way to do so. For instance, you may want to make a bequest to a hospital. If it is a hospital that has a presence in numerous states or cities, you could name the one specific hospital you would like to get the share of your estate.
If you don’t do this, you risk not getting the items or money to the hospital you wanted. If you do plan to make a bequest, it is always best to have in mind the exact charity you would like to help. If you just want to include any charity into your will, you can look for some online and find the ones you feel would benefit the most from your help.
Funeral instructions
Since writing a will has everything to do with the idea of potential death, this makes it a good time to think of the funeral arrangements you would like to have as well. Of course, this is all just about clear instructions for your loved ones and it should be very helpful for the grieving family.
You should write things such as whether you would prefer to be buried or cremated or where you would like this to happen. If you want to become an organ donor, this is a great opportunity to state that clearly as well. These are the things that will be difficult for your family to discuss and if you state them in the will, they will just need to carry them out without thinking of what you would've wanted.
Things a valid will cannot control
Unfortunately, there are things that cannot be controlled by a will. For instance, a will cannot control who will receive your life insurance proceeds. Money from your retirement accounts also cannot be controlled by a will, no matter whether a will is valid or not.
As it was already mentioned, the joint property doesn't form a part of your will either. The same goes for joint checking and bank accounts and real property. All of these will automatically belong to the surviving owner in case you are not around anymore. Hence, they won’t be part of the will.
Conclusion
Writing a will is a task that requires a lot of responsibility. A will is there to affect the future of your heirs in case something happens to you. That means that the will needs to be well-written and your wishes need to be stated clearly.
