You must understand the content that should go into your will so that you plan accordingly and efficiently. You can engage an attorney to explain the different wills and analyze with you the direction that you should take depending on your assets and properties. How you address the contents of your will directly affects how the process will be executed when it’s time. Here are pointers as to how to properly address the contents of a will:
1. Identify Information to Include
It’s important to begin by identifying the items you wish to be written about before moving onto the specific steps to get it done. These may include your name and date of birth, address and details of any previous home or other property owned, any other people who may have been named as beneficiaries, your occupation, any debts or loans that have become due, and your possessions.
2. Decide on Executors’ Instructions
To give your executors some guidance, you should consider having them obtain an accurate statement of the family’s finances. You should include in the will what the executors will use to calculate the amount of money they will receive. You should list your assets and debtors in this document, along with a description of what you intend to do with them. This may include selling your home, distributing any assets or wealth, making repairs to your home, donating any remaining property or income, or selling any remaining assets to pay off your debts. For information regarding the use of an estate planning tool, click here.
3. Analyze Legal Dynamics
When creating a will, it’s worth taking time to review various probate rules so you can make sure your wishes are carried out properly. Your will should state the kind of service and legal process that will be required to transfer your property and your heirs’ rights to it. This will vary according to the laws of your state or country. You will need to do some research regarding these legal dynamics.
4. Discuss with Heirs
Some discuss with heirs how the property will be inherited before the will is created to allow them to decide whether they agree with the arrangements. This, however, isn’t a step that others wish to take as it can cause conflict. Decide whether a discussion will result in a positive outcome. If so, you can then use this discussion as an indication of how you may draft your will.
5. Outline Your Debt
Another important step when addressing the contents of a will is to include a note stating what will be done with any outstanding loans. Ideally, all the loans would have been paid off by the time that you pass away. However, if you leave debt, the way forward needs to be communicated.
6. Detail Funeral Arrangements
You may wish to create a last will or testament to outline the terms of your funeral. It may be that you do not wish to have your body buried in a traditional cemetery or that your home should be sold to pay for your funeral service. The last will or testament will state whether the family should be cremated or buried.
7. Attach a Letter
If you wish to express yourself to those who will gather to listen to the will being read out, you can do so in a letter attached. The will itself will have precise information and instructions, but this doesn’t mean you can’t elaborate on the details. The pieces of information you can write in the letter include the factors that have led to particular decisions made, your feelings and thoughts about those remaining, as well as preferred wishes.
8. Consult an Attorney
Consulting an attorney is advised for you to properly address the contents of a will. An attorney has the expertise needed to advise you about the best steps to take regarding your properties. An attorney will also see to it that the contents of the will are adhered to when the time comes. Without an attorney, you may overlook important details or get confused with different terms, which may result in misinformation. Make sure to engage recommended and reputable attorneys who will guide you in constructing a concise will.
Properly addressing the contents of a will requires research, knowledge, and analysis. The reason you are advised to consult an attorney is because they have the expertise regarding the details and content that should be included in your will. You need to analyze your assets and properties to determine how you will distribute these. You also need to research on the legal dynamics of the process in your location as these differ.
You can decide whether you would want to discuss the contents of your will with your heirs in the event of your unforeseen demise like in an accident. In your will, you need to also outline your debt, detail the funeral arrangements you wish, and attach a letter expressing any other instruction.