It is something that every responsible person will face at one point in life: You have to write a will.
Not only do you need to settle your estate and let people know just exactly how that should go but also you need to take care of any property you might have.
Everyone needs a will, but not everyone knows what that means.
What does making out a will entail? What information should be included in a last will and testament?
This article will help you out with that.
We’ll tell you ten facts you may not have known about your last will and testament – and why it is so important that you have one.
10. Dying Without a Will
Dying without a will is known as “intestate” and this means that the laws of the state in which you reside will dictate what happens with your estate. No one wants that which is why you need to take care of that before you pass away.
9. Do you need a lawyer?
You do not need a lawyer to prepare a will though it usually helps, especially if your estate is complex.
8. Do spouses share a will?
Typically spouses will have separate wills to tell people how to deal with their property.
7. Who can witness the signing of a will?
Typically, wills call for affirmation from a disinterested witness. This means someone who will not benefit from the will.
6. Naming an Executor
Typically, depending on how complicated your estate is, your executor will handle your will to make sure everything is done according to your wishes.You can name anyone to this position though it is often advised that you do so keeping in mind how complex your personal situation will be.
5. Leaving Things to People
A letter of instruction or other instrument can be used to tell people what property you want going where.
4. Keeping Your Will Safe
Typically you will want to keep the original will in a safe place. The only problem with something like a safety deposit box is that your heirs may have to seek a court order to access it after your death.
3. Keeping a Will Updated
You may never have to update your will once it is written; however, if your financial circumstances change or something else comes up, then you will need to get it changed.
2. Contesting a Will
This can happen if your will is not properly filed, among other things. This is why it is important that you take care of it well in advance of your passing.
1. The Importance of a Will
A will is very important for your heirs as well as your financial peace of mind right now. It is not a ceremonial thing nor is it unimportant. It is critical that you take care of this as soon as possible to avoid putting your loved ones through even more pain in the event of your passing.