Wills and trusts are legal documents that declare your requests regarding the distribution of your possessions and wealth after you pass away. Although it seems like executing on a will is a direct process, the execution is typically very complicated. There are ten basic things that are important to know before you begin navigating through the will of a family member or creating a will of your own.
Here are the Six Things about Wills
Be Prepared for Surprises
When you are examining the will of someone you love, there may be line items that you are not expecting. There are many things that people commonly forget to put in their wills, including pets and charitable giving. You will be surprised at the many different items that are included in a will.
Choose the Right Executor
The executor of the will is crucial to the overall ease of the distribution process. An executor is an individual who handles the distribution of the goods and assets held by the deceased individual. Make sure to inform your executor of their responsibilities before assigning them the role.
Be Wary of Faulty Wills
There are certain circumstances that deem a will to be faulty. If the deceased was mentally challenged or made decisions that did not provide financially for certain dependents, that will can be challenged. If you are dealing with a will that you believe is unfair, consider calling a firm like Unfair Wills to assist you in sorting through any issues.
Consider Unlikely Events
Sometimes, an unlikely event may cause your will to not be distributed as planned. If you and a loved one die at the same time, the portion of your will that they would have inherited will not be spoken for. It is important to take unexpected events into consideration and create a will that takes into account a variety of circumstances that may have contributed to your death.
Include the Necessities
There are a few things that need to be established for a will to be considered valid. All valid wills must include:
- Your signature
- The date
- A valid address
- The address of the beneficiaries listed
For your will to be used, it needs to include accurate information and appointment of your property and assets. Your will needs to be voluntary but can be handwritten or typed.
Ask a Lawyer for Assistance
Whether you are creating a will or working through the will of a loved one, have a trusted attorney that can answer any questions you may have. Lawyers can help you figure out when to write your will and what to include on it.
Wills can be confusing and emotional for everyone involved. Fortunately, there are many trusted lawyers who can help you write and execute wills. By being aware of the laws about wills, being prepared for unexpected events, and involving a legal professional, you can ensure that you are informed with the information you need to know about any will that you encounter.