What You Should Include In Your Will
A will is the best way to ensure the welfare of your loved ones and prevent property disputes after your death. Most people do not have a clue on what to include in their wills. Below is an article discussing what you should include in your will. Ultimately, you need to have a watertight will that cannot be disputed in court.
Gifts
There are several ways to give gifts to your loved ones. For instance, you could transfer specified assets or cash to the beneficiaries. Alternatively, you could reward the beneficiaries with a specified portion of your estate. There are instances when you could opt to put some of your assets in a trust. The primary benefit of a trust is that it prevents the beneficiary from mismanaging their inheritance. Additionally, it helps you determine how your property will be managed in your absence. Once you set up a trust, a trustee will manage the property and pay the proceeds to beneficiaries. Other than assets and cash, you could also reward your beneficiaries with sentimental items such as books, clothing, jewellery, family heirlooms and paintings.
Estate Debts
As you write your will, you should decide how you will repay your debts once you die. For example, you could sell a property to repay the debts. Alternatively, you could use your residuary estate (money or assets not included in the will) to clear these debts. You could also forgive people that owe you debts in your will. If you don't, these debts will be collected and passed on to your beneficiaries.
Have More Than One Executor
The executor is the individual that files for probate, pays your debts, and distributes your estate as per the terms of your will. One might ask, why do you need more than one executor? Well, there are cases when the individual named as executor dies before executing your will. Besides, the named executor could relinquish their duties. In this case, the court will appoint an executor. However, you can avoid these legal processes by ensuring the will has a secondary executor.
Guardianship
If you are a single parent with children below the legal age, it would be wise to include your preferred guardians in the will. Ideally, you should have consulted with the proposed guardians to ensure that they are willing to take on the responsibility. If you do not include guardianship, the court will decide who will raise these children.
When writing your will, include gifts, decide how to repay estate debts, appoint more than one executor and determine the guardianship of your kids.
