Things You Really Need to Consider When Making A Will
|
Many people do not think about making a will because they feel they have not reached the stage in their lives where they ought to make one. However, this is one aspect of your life that you should not put off. Making a will is an important part of planning when it comes to the future of your family and loved one. It is also the only way you can be assured that your wishes would be respected after you pass away.
|
There is a misconception that a person's spouse will automatically inherit everything once the person dies. However, this only happens if the estate is below a particular value or if no other relatives are there to inherit the estate. In fact, if you cohabitate with someone, the person would not inherit anything if you do not state this in a legal document.
If you die without a will, the court will decide what would happen to all your assets and possession immaterial what your wishes were. In fact, having a will is extremely beneficial as your family will not have to pay for any foreseen legal services, and you can ensure that they pay the least amount of taxes based on the value of your estate.
Mentioned below are the things you should consider when making a will.
- Take time to think who should be appointed as an executor and trustee of your estate after you die. Make sure you inform the person as sometimes the person may not be willing to take on the responsibility.
- If you have children under the age of 18, think about who should appoint as their guardian in event of your demise.
- The will should have complete names and addresses of all people who you would like leave gifts like money, property, jewelry and other personal items.
- Be very clear about the person who should receive the rest of the estate after the gifts are distributed.
- If your beneficiary dies before you, make sure that you have other beneficiaries who would receive the estate after your demise. For instance, spouses leave their estates to one another and in the event of both dying, the children inherit the estate.
- Usually the legal age for minors to inherit is 18 but you can increase this age to 21 or 25.
- Also make sure you leave instructions for your last rites -- burial or cremation.
|
