Getting ready to write a will or testament necessitates time, brain power, and attention to detail. You need to think about your life and your family farsightedly and carefully.
After all, your will is a final record of your wishes and desires about what to give to whom after your death. But what should you consider when writing your will?
To find out its answer, we are here to shed light on the five most crucial factors you should think about when preparing to write a will or testament.
Factor #1 – Guardianship of Children
In most cases, people are encouraged to write their first wills right after the birth of their children. By doing so, you’re preserving your wishes for the bright and hassle-free future of your children if you or your spouse are no longer around them.
While preparing a testament, you can appoint another person(s) to take care of your children until they are adults (i.e., be their guardian). During the process of choosing who should be the guardian of your children, you need to consider the following aspects…
- Who have similarities with your lifestyle, values, and religious beliefs, too.
- With whom your children might already have a fair connection.
- Whether the nominee already has a plan to have children or not.
- The transition— in terms of both location and lifestyle, your children would make.
- Practically, who can fulfill the responsibilities at their best—physically, financially, and emotionally?
Factor #2 – Assets – Everything You Owned
Make a list of your assets, perhaps in categories. It can be beneficial for you to jot down the estimated value of each asset, whether it includes mortgages or loans.
If you own major assets such as a house, property, or car, be sure to identify whether you own that asset independently or with any partner (e.g., a spouse or business partner).
On the other hand, if you want to distribute your assets to your children in the form of money, then you need to sell all your property, business shares, and vehicles to get money. For your conveyancing needs, property selling needs, and other needs, you must work with professionals.
Factor #3 – Beneficiaries
Beneficiaries are the individuals, charities, or non-profit organizations that you want to benefit from your will. They may receive specific gifts and/or a share in your residuary assets or estate. Your residuary estate is what remains after debts are paid, funerals are paid, and testamentary expenditures are made.
Keep in mind that every beneficiary’s share is normally expressed as a specific percentage of your residuary estate. Once you decide who your beneficiaries can be, it is important to provide their names and contact information.
Factor #4 – Prepare Powers of Attorney
While making your will, you also need to consider preparing your powers of attorney.
Wills attorney enables you to declare another person for making decisions for you when you fail to make decisions by yourself. It designates the charge to another trusted person, selected by you, to make informed decisions on your behalf.
They help you in managing your financial affairs or making surefire decisions for you. Hence, you can prepare a persistent power of attorney when you prepare a testament for your children’s better future.
