The subject of wills (and estate planning, generally) is one that many people avoid because it inevitably raises the subject of death. Nobody likes to deal with their mortality. Those of us with little children certainly do not want to think about our death just yet. But this is exactly the time to think about death and what it would mean for the dependents and loved ones that we leave behind.
You can show love to your dependents and loved ones by planning for death. Your death can cause hardship on the loved ones that you leave behind when you fail to adequately plan. The best way to protect your assets for the benefit of your loved ones is to plan, short and simple!
There are several ways to prepare for death, and one of those is writing a will. It doesn’t matter how young you are, an end of life plan is a smart thing to do. It is advisable to use a lawyer to write your will. However, there are several online resources that you can use to write your will and other end-of-life documents.
When you have decided that you want to write a will, there are a few things that you should consider.
- Who will write your will? The more property you have, the more beneficial it is to use a lawyer experienced in estate planning. A lawyer can advise you and ensure that your will does not fail because it was not properly executed. If you are going to go through the trouble of writing a will, do it right. Using the services of an experienced lawyer will save your beneficiaries from hardship after you are gone. There are some burdens like taxes and probate for beneficiaries to a will. An experienced lawyer can advise you on other methods of transferring your property to your beneficiaries while reducing those burdens.
- Who will be your executor? Your executor must be someone willing and available to carry on the task of carrying out your wishes as contained in the will. The executor must be capable, credible, and knowledgeable about the business of the testator. There should be no conflict of interest between the executor and the testator’s business. If appointing more than one executor, they should be persons who can work in harmony. It is also advisable to consider the age and health of the executor. Typically, you want someone younger than the testator.
- Who will witness the will? You should choose your witnesses carefully. Choose respectable people who are not personal friends or family members as a precautionary measure. The reason for doing this is to maintain neutrality in the event that there is a dispute. A neutral witness is less likely to be accused of bias, or, worse, having a personal interest in the outcome of any associated dispute.
- Make sure that the will is clear and unambiguous. Use the full names of beneficiaries, as much as possible. Be as detailed as possible in the listing of properties to be shared amongst beneficiaries.
- Videotape – Even a valid will can be contested. The mental capacity of the testator is one cause for challenging the validity of a will. A videotape of the testator reading and signing the will is more evidence to establish the mental capacity of the testator.
