Composing a will lies at your discretion since it is a serious step determining how your chosen dependents get to inherit your wealth. Estate planning documents are crucial after death to ensure your legacy continues through family and close friends.
Death is unpredictable and can leave your family struggling financially, especially if you were the sole provider. But if you can allocate your spouse and children your wealth, life will continue normally. Moreover, putting up a trust fund guarantees your children get their education without third party interference.
Follow the steps below to create a last will.
1. Appoint an Executor
The first step is to appoint an executor, the person who will carry out all your requests when you pass on. Select a trusted individual with a dependable reputation, such as a family member or a close friend.
Since life is so unpredictable, it is in good faith that you choose a substitute executor who can take over the responsibilities if the main one cannot execute the last will and testament due to sickness or mental incapacity.
Furthermore, the executioner gets a percentage from the estate’s earnings as payment. The executioner of the last will is obligated to fulfill every word on the form.
2. Select Guardians
When underage children are involved, the surviving spouse will automatically be chosen as the sole guardian. But if he or she cannot care for the minor children, you must select a trusted guardian to take responsibility until the kids are of age. You can set aside money for their education and upkeep and allocate part of your estate as an inheritance that the latter can access once they reach legal age.
Also, a last will and testament allows you to select someone to care for your pet animals.
3. Name Beneficiaries
The form must capture all your assets and a list of dependents that you want to allocate your property. You need to identify all the people that you want to include in your last will and testament. Make sure that you indicate the percentage of wealth clearly in the will. Whether it is a relative or any other person, the testator can decide the beneficiaries. It can even be your local church, a children’s home, a learning institution, or a charity.
When you have your list of beneficiaries ready, you can now embark on compiling all your assets. These may range from real estate properties to liquid money in the bank account or online money provider accounts and other valuables.
Then, make a list of all the beneficiaries and the property allocated to each in detail after your death. Make sure that you capture the full names and addresses of your beneficiaries and provide clear identifying information to avoid confusion. Some might even indicate the last four digits of the social security number, but it is not mandatory.
If you have any pending debts, your estate proceeds would first be used to settle the debt collectors before estate distribution commences. Also, any pending tax fees can be settled using your estate.
It is critical to note that all your estate assets should prove that you are the sole owner since joint property ownership cannot be included in your last will and testament. Thus, do not list them in your testament form.
4. State Your Funeral Requests
It is courteous not to leave the burden of your funeral expenses to your family members. Many free last will and testament documents have an avenue where you can state your funeral wishes. All the burial arrangements can be captured in the will. For instance, the venue, the cost, and how you want your last send-off to be, whether you want to be buried or cremated, etc. Also, you need to state whether the estate’s proceeds will cater for the expenses.
5. Choose Witnesses
Finally, you need two witnesses as part of the process to make the form valid.
However, the number of witnesses depends on the state you reside in. But, they usually must be neutral parties not related to the testator to avoid conflict of interest. The witnesses must generally be 18 years and above (as per your state legislation) with sound judgment. The finalized will must have the signatures of the testator, the two witnesses, and the legal representative (public notary is often optional, but it adds an additional layer of legal protection).
