Having a will is very important as it is the final opportunity one must ensure their wishes are respected after they are gone. When drafting a Will, it is important to draft one that is comprehensive and includes everything you may want. Some of the key things that should be included in a Will include;
Executor of Your Will
One of the most important things to include in a Will is who you would like to execute it. An executor will be responsible for ensuring that your wishes are respected and adhered to after you die. They will be in-charge of distributing your assets as dictated in your Will.
Because the work of an executor can be demanding and very complex, it is important to select someone who is prepared and capable of dealing with the complexities involved. Even though most people prefer naming family members or close friends as their executors, it is advisable to hire a professional and reputable attorney to execute a will.
When naming more than one person to act as your executor, it is important that one of them be a probate attorney as they have the legal background and experience when it comes to Will execution.
Beneficiaries are the people who will inherit your estate once you pass away. Even though selecting beneficiaries seems to be an easy task, it is essential that you get proper legal advice when allocating assets to beneficiaries.
The first people to include as beneficiaries are those who you have a legal obligation to look after like children, spouse or someone who has depended on you at some point in their lives. Leaving such people out of your Will might result in fierce court battles and a breakdown in relations between relatives and people close to you, something you may not wish for.
As a parent, it is important to ensure that your children who are not of legal age are well taken care of when you are gone. A Will enables you to choose who you would like to look after your children especially if you are the only surviving parent. If you have no Will, your children will be passed on to their closest relative or one who can adequately take care of their needs before they attain the legal age.
When selecting guardians, some of the factors you need to consider include; relationship of your children with the guardians, guardian’s commitment to your children and financial capability of the chosen guardian.
Providing Direction for Your Assets both Personal and Business
One other important thing that should be included in a Will is providing direction for both your personal and business assets. Here you should note exactly how you would wish your personal assets to be handled once you are gone.
Some of the directions you would likely give in a Will is whether a asset is to be sold and who gets the proceeds, equal share or percentages? Which assets should not to be sold for a given time. If you had vast business assets, you may also use your Will to state your wishes on the direction you wish the business to take once you are gone.