Creating a Last Will and Testament with the key details that matter isn’t something that you do every day. There are key elements to a will that help prevent family disputes, arguments, or other legal issues. We did not only create the Free Will Kit to help you save $1,500 - $2000 in legal fees. We also created it to cover every important legal detail if you were planning to do your last will on your own. Here are 5 key details that should be in your last will:
First, you have to mention who your beneficiaries are. This is important so that the irrelevant individuals can’t come in and make a case for your property. Stating in the will who you want to receive your assets will take other individuals out of the picture. This can save you a ton of unnecessary headache if some distant relatives want to show up and take a piece of the pie. If they aren’t mentioned in the last will as a beneficiary, they have no right to your property and assets. Simple as that.
Once you make it clear who you want to be the beneficiaries, you have to include all of your important assets in the will. You will need to mention which recipient will get which asset. That will be how the court dictates how to distribute your wealth. Keep in mind that some assets, such as banking products and joint rented properties, cannot be bequeathed in a will. This means that if you want to pass them on, you will have to find some other ways to do it. You can only distribute the assets that are owned solely by you. Any property that’s shared under another name will not be legally valid as a bequeathable asset.
It isn’t only your assets that will be passed on. Your beneficiaries will be responsible for your debts and taxes as well. [1] Although you may not want to leave your debt unsettled, most of the time, you don’t have a say in when you have to go. The best you can do is to spare a part of the money in the will for the funeral expenses, probate costs, and taxes. This way, you won’t be leaving a heavy burden behind for your kin to take care of.
The executor will manage your estate and deals with the legal process in your stead. You have to make sure you choose someone whom you trust to be the executor in the case of your death. They can ensure that your properties are handled in a way that is according to your wishes.
If you have children, it’s an absolute must that you assign someone who you trust to be their legal guardians. This will help to prevent a legal battle between relatives for custody if one is to arise. Your death will be hard enough for the entire family. You don’t want your children to have to struggle to choose between one side of the family or the other. It’s better to include who you want to have as the guardians and get that out of the way.
References:
1. Quinn, Jane Bryant. “Debt After Death: What Will Your Heirs Owe?” AARP, 1 Sept. 2018, www.aarp.org/money/credit-loans-debt/info-2018/debt-after-death1.html.
