Writing a will is very important since this document provides significant information regarding property, inheritance, and beneficiaries.
The people who make the will are referred to as testators. In order for them to secure their assets when the time comes that they would pass away, it is necessary for them to make their instructions clear and concise.
Hiring an attorney will make it easier for anyone to make a will that is free from loopholes and other technical predicaments. It is also important to seek a witness’ signature which can prove the document’s authenticity.
Here is the guideline on how to write a will:
Testators should list their estimated assets such as land shares, houses, vehicles, bonds, bank accounts, investment and retirement accounts, jewelries, collections, antiques, and other things which have monetary values. After writing all of these, testators should assess the value of their asset to have an idea of its estimated net worth.
Always consider the inheritance tax and estate tax imposed by a country of residence. Knowing these will give the testators an idea of what is the minimum amount where they could be tax exempted.
Testators should make a list of their beneficiaries since these people are the ones who will benefit from the assets after the testators had passed away. It is the testators’ prerogative to choose their beneficiaries which can even include a charity or other kinds of organizations. It is important to specify the asset the person is willing to give to the beneficiary. In allocating individual items such as vehicles, antiques, jewelries, etc., it is highly-recommended to specifically appoint the person who will get each of these items.
It is highly-recommended to have two executors who will carry out the will when the testator passed away. It is important to have executors who are honest and trustworthy. Some lawyers suggest that it is better to hire someone who will not be included in the list of the beneficiaries. Testators can hire their executors from a trust corporation, but they must include in their will on how to pay the executors to save the latter from financial burden.
If the testators have a child under the legal age of 18, it is important for them to appoint a guardian in case they and their spouses passed away. In case a person does not assign a legal guardian, it would be the court’s decision to choose the custodian for the child. Some testators would also hire an estate guardian who will have a separate role from the child’s custodian.
Testators are required to keep their will in a secure place. Some would just keep it on a drawer while others secure it on a bank or solicitor firm. They should let their families know the location of their will and testament since all their instructions can not be executed if these documents are not found.