Creating a will for yourself is a smart way to ensure that your last wishes are respected by those who know you. However, it can be difficult to know what to focus on when writing such a document. Here are some things to focus on as you write your will.
Choose the Right Executor
Whomever you choose to act as the executor must be someone you trust to be fair-minded and do the right thing. Don't make a sentimental decision in this instance; choose the person who can handle responsibility and respect your wishes regardless of challenges and family arguments.
After you've chosen your executor, you need to be sure that they have all the power they need. For this reason, it is important that you use wording that allows your executor to pay debts and handle whatever other issues may arise. Giving your executor these rights will allow your estate to be settled that much more quickly.
It is also critical that you talk to the person you've designated as your executor as soon as you can. Talk over your plans, and most importantly, tell them where your will is going to be located when it is completed. In order for your will to be followed, people must know where it is.
To avoid disagreements about who will get certain family heirlooms or belongings of yours, it's important that you are specific about what goes where. You may imagine that everyone will be fair and agree to divide your assets equally, but you can save your family and friends from arguing if you go down the list of your assets and specify which person will get each asset. You may want to talk to your loved ones about this, so that there are no surprises later.
Know What Cannot Be Included
While your will is a comprehensive document that details what you want to happen in the event of your passing, there are some things that might not be possible to transfer to others in a will. For instance, if you have a business partnership with someone else, you cannot pass on that partnership to a beneficiary. Bank accounts, life insurance policies and joint tenancy properties are just some of the things that you might not be able to include in your will. A consultation with a good lawyer will help you determine what you can and cannot pass on through your will.
Use the information in this article to help you write your will. Work closely with an attorney, like the ones at Wilson Deege Despotovich Riemenschneider & Rittgers, to make sure that you have crafted a document that is unlikely to be contested and makes things easier for your executor and loved ones in the future.