Writing a will that chronicles how your assets and properties will be divided after your untimely demise is like something straight out of a movie. You might think that only those belonging to the 1% of society are eligible to have a will under their name, but in reality, plenty of people can benefit from having this piece of legal document.
With a written will, the assets and properties that you will leave behind will be divided amongst your chosen beneficiaries. This can include your spouse, children, or charities. However, if you didn’t have the chance to create a will before your death, then the state law will intervene.
This is often called “dying intestate” and it refers to the state law that dictates who will get your assets upon your death. Without a will, you will no longer have a say about where your assets and properties will be given, or if your family will even get an ounce of your wealth after you’re gone.
The intestacy law will apply to everyone without a will, which means that all your savings, investments, retirement fund, or businesses may not be left in the care of your loved ones. To make sure that your assets will be protected after your untimely demise, here are some steps you can take:
Contact a Legal Professional
It can be difficult to handle the legal matters yourself if you have no formal background in law or estate planning. Creating a will that clearly documents the distribution of your wealth once you’re gone can be a complex process, and it can help to have a legal professional by your side when you do it.
Planning and drafting a will is not something you can rush; you have to take your time and consult an estate lawyer about how you can move forward with your situation. You will need someone you can trust to realize your complex wishes and make sure that your assets go to the right hands.
These professionals can also ensure that your beneficiaries won’t have difficulties during the inheritance and wealth distribution. Your attorney can do this by minimizing the taxes, corresponding expenses, or hindrances that your loved ones could face when your will takes effect.
Set up a Will as Soon as Possible
If you’re married, have kids, own a business, or have substantial wealth, then you will need to make a written will immediately. Having this piece of legal document to protect your assets and ensure that your assets will be given to those you intended will allow you to rest easy.
You might think that you won’t need a written will because your spouse will automatically have authority over the assets and properties that you leave behind, but that won’t always be the case. So, if you want to ensure that your spouse or other intended parties will receive your assets, you have to put that into writing.
In this legal document, you may also have to name who will execute your estate and who will be the guardian of your children. The executor is in charge of distributing your assets according to your will, while the guardian will be responsible for raising your children.
Update Your Will Periodically
It’s important to note that your will is not set in stone, and therefore, it can be changed. However, you, and only you, will have the capacity to change or update your will when you want to include additional provisions. This flexibility will allow you to make your will according to your circumstances.
This means that if you make your will now while you only have one child, you will have the opportunity to update it if you ever have another child in the future that you want to include in your inheritance. So, don’t be afraid to be tied down to an outdated will and testament because you can have the option to update it periodically.
Wills often are created to lessen the arbitrariness surrounding asset and wealth distribution when people pass. They are made with clearly defined grounds because if there is any room for misinterpretation, conflicts may arise. After all, people that have been left out of the will can contest it.
That is also the reason why you should never make your will on your own, especially if you don’t have enough knowledge regarding the ins and outs of estate laws. However, having a credible lawyer by your side can help you navigate the complexities of making your will and how it can be realized once you pass.