There will always be a day when people grow old, although it is difficult to accept, but this is the natural law of life. When you pass away, your assets will have to be distributed among your immediate family members. But in order to make things go smoothly and ensure the assets go to the right persons, you must carefully plan and write your will. Thinking long-term is necessary.
But it’s not out of the ordinary to encounter difficulties when you are writing your will. It’s a long process that you must plan in advance, and the stress of ensuring everything is right can take a toll on you.
There are different things you should consider when writing your will, and this article will list the 7 most important ones.
1. Think About Where You’ll Store the Will
This may not be the first thing you think of before you start preparing your will, but it’s important to know where your will is going to be stored. You must keep it in a safe, secured space where nobody else can have access to it. You should be the only one able to access it easily.
Many people decide to store it with their solicitor or their bank. Some companies help you store the document without charging you anything. So, if you feel like no place in your home is safe enough, talk about it with your bank or solicitor.
2. Think About All Your Assets
Before you start writing your will, you must think about what assets you own. It could be a home, a vehicle, or different other properties and valuables. So, you can identify your assets by using this list:
- Property (your house and different other buildings)
- Bank accounts
- Insurance policies
- Title deeds
- Investment accounts
3. Establish an Executor
An executor will be an integral part of the distribution process after your death. He or she will ensure that everything you included in your will is respected. As such, your executor must be a trusted individual who can take care of these aspects:
- Finding the location of your will
- Paying the estate’s liabilities
- Establishing an executor’s account for paying in funds, as well as paying any ongoing estate liabilities and bills
- Paying any Income Tax or Inheritance Tax that is due on the estate
- Monitoring and ensuring the properties in the estate until they get transferred or sold
- Offering the right information to the Probate Registry
- Reaching out to banks and other important companies to tell them about your passing
- Distributing the estate’s assets based on the will
- Distributing the personal belongings of the individual who passed away
4. Think About Who Will Benefit from Your Estate
Planning your estate is a critical aspect of every will. Even though Long Island has a shortage of housing, both permanent and rental, statistics from 2020 show a number of 3,421 households. Since getting housing is so hard, you must establish who can take your home after your death – which is why you’ll need a Long Island estate planning attorney to help you out.
You can name various people as beneficiaries, including spouses, family members like children, immediate family, or grandchildren, but also boyfriends, girlfriends, friends, and charities.
5. Expect Potential Issues
Even if you work on your will a lot and plan carefully, problems may occur from time to time, and you should consider this aspect.
For instance, one beneficiary may pass away before the will goes into effect. Therefore, you must plan who the share will go to in case the initial beneficiary is not there anymore to accept it.
6. Consider People Who Are Financially Dependent on You
Is there anyone who depends on you financially? If that’s the case, you must plan on how to keep supporting them in case you pass away. This requires long-term thinking.
For instance, you can save some money that the dependent family member can use during their life after you die. Make sure to mention this in the will.
7. Don’t Make It Too Complicated
Your will doesn’t have to include the fanciest words to be valid. Ideally, you should keep it as clear and simple as possible.
What’s most important is using the right words and organizing everything accordingly. This will ensure that your wishes can be understood and followed properly.
If you don’t know how to do this or you’re worried you might mess it up, you can always consider online templates or will write services.
Writing a will comes with many challenges and responsibilities, and you must do it right to make sure your valuables get to the right beneficiaries. Consider these 7 aspects if you want your will to fulfill its purpose.