The majority of us should have a will in place, but many of us are unsure of where to begin. Everyone avoids thinking about death, but we’re here to encourage you to stop and think about the potential risks of living without one. It doesn’t have to be a frightening or perplexing process. In fact, we’ll demonstrate its significance and effectiveness with these 10 tips.
Decide what you want to include in your will and be specific
There are many things to consider as you create your will, and the distribution of your belongings is at the top of the list. Before you start writing your will, take some time to create a list of valuables that you’d like to include. Take your time with this, as you may not think of everything at once.
Remember you can always make changes
Whether you’re stuck between choosing your beneficiaries or guardian, or uncertain about assets, it’s common to hear that this is a big reason why people put off making their will. Many individuals forget that we are able to go back and make changes to our will. In fact, as your life progresses and changes it’s encouraged to update your will to make sure it reflects your current wishes.
Get professional help
A lawyer can help you figure out whether you’ve crossed your T’s and dotted your I’s. Avibra’s Legal Review benefit is just $1 a week and comes with a free preparation or update of a simple will.
Select your beneficiaries
Someone who will get something from your estate after your death is a beneficiary. You can choose who to name and how to distribute your estate. The majority of people select family members or other close friends as beneficiaries, but you can also designate a charity or organization that is close to your heart. Be as specific and accurate as you can when naming beneficiaries, including their full legal names.
A beneficiary’s link to you can be important as well. If two beneficiaries have names that are similar, make sure to distinguish them in some way. When using a company, it is essential to get in touch with them directly to determine which name to use when making a gift or donation.
Designate your executor
The person in charge of following out the decedent’s final desires as outlined in their will, such as allocating assets to recipients, is known as the executor of estate. The executor also takes care of other duties related to arranging the affairs of the deceased, such as paying creditors, sending out notices of death, and submitting final tax returns.
The most important factor in naming your executor is selecting someone you trust, who is capable of organizing and keeping track of all the details. Can an executor also be your beneficiary? The answer is yes, and it’s also quite common for the executor to also be the will beneficiary. This is a sensible option because a person with an interest in how your property is distributed is likely to do a conscientious job as an executor.
Appoint guardians for your children
In your will, the person you name as your children’s guardian will be in charge of ensuring their well-being. Discuss the type of care you want to provide for your children with your spouse, partner, or any other party involved in the decision.
Once you’ve chosen the best guardian for your children, arrange a meeting with them to see whether they’re willing to take on the role. Asking someone to look after your kids while you’re away is a very personal decision, and it’s likely that the person you choose will feel grateful for the trust you’ve placed in them.
Ensure your pets have a place to live
Although many people consider their pets to be family members, they are legally considered to be personal property. You can specify who should be in charge of looking after your pets in your will, along with any special care instructions. You should check with your chosen pet guardians ahead of time to make sure they are willing to accept your furry, scaled, or feathery family members, just like you would with any guardians for minor children.
Protect your digital legacy
It’s crucial to think about what you want to happen to your websites, social media accounts, and other significant accounts when you pass away. Make that the proper individuals have access to any pertinent login information, such as passwords or security questions.
You can choose your preferences now for how some websites, including Facebook, will handle your page when you’re gone. However, you should still state your intentions in your will so that your executor is aware of them.
Note down any accountants and financial advisors
Ask your accountant and financial planner for the most recent information about their practice. This contact information should be written down in a document that will be kept alongside your will. The contact information for your accountant and financial planner is necessary so that your executor can get in touch with them after your passing to validate financial information. You’ll help your executor’s job a little bit by sharing these details.
Get signatures from witnesses
The two witnesses for a will must be over the age of 18, of sound mind, and able to visibly attest to your signature, according to the law. They cannot be one of your relatives, be married to one, or be a beneficiary. It’s rather simple to witness a will.
What you and your witnesses must do is as follows: Gather together; you, the executor, and both of your witnesses must be there. Tell the witnesses that you’re going to sign your will, and on the will, note the date. Sign the will with your customary signature and initial each page while your witnesses are present. Request the will’s signatures and initials from your witnesses. And that’s it!