Writing a will can sometimes seem like a daunting task at first, but it can provide a sense of peace knowing that you wouldn’t have to worry about the legal side of things if something were to happen. It’s also essential for loved ones to know what you want from them now before they have to make those difficult choices in the future. I’ve started looking into burial insurance, I feel a lot better knowing that my family won’t be put in a difficult financial position in the event of my death.
When someone starts writing a will, they might be surprised by some of the things they have to deal with. It’s not just about listing what possessions you have and who gets them when you die. There is a lot more that goes into a proper will.
Here are 6 important steps in writing your will
Write down any specific requests.
Not every inheritance will go exactly as planned. Sometimes things end up being more expensive than expected, or someone doesn’t want the item they were supposed to get.
If certain possessions mean a lot to one person but not to anyone else, then you can put it in your will and make sure there is a clear plan for what should happen next, for example, how your funeral should be planned and which funeral directors should be used.
Figure out how much money you have
It doesn’t help anyone if you list all your belongings but forget to write down how much money you have saved. Add up everything from checking accounts to pensions. If there is money owed to you or savings from college funds, include those as well. Just make sure the total number adds up correctly.
Decide who you want to receive your belongings
A common mistake is that people only need a will if they have children. Often, there are other family members or close friends who might be put in charge of the estate if something happens to you. This can also prevent conflicts between family members.
Put in place strong legal protection
If a person tries to oppose the will or deny that you wrote it down correctly, having a lawyer who specializes in wills and estate plans on your side can be extremely helpful.
Having this kind of legal team on your side means that your wishes will be carried out exactly as you intended them to.
Keep it updated!
The future is unpredictable, so just because everything looks right now doesn’t mean that things won’t change later. So be sure to review your will every few years and update any parts that need to be changed. No one wants to spend a lot of time and money writing a will only to find out later that it no longer applies.
Who Should You Trust?
When someone dies without a will, the state has laws on how they handle the distribution of the estate. If there isn’t a will, then the state might have very different ideas about distributing your belongings than what you would have wanted.
This means that you should not only write your will for yourself but also protect each other. You never know which family member or friend will be put in charge of the items you leave behind, so someone else must know what you want as well.
With these easy steps, you can take the mystery out of writing your will and ensure that everyone involved gets what they need in the future.