Making a will is the best way to ensure that your property is distributed according to your wishes. It can also save time, hassle and even money.
But the process isn’t always simple or straightforward. Here are some of the things you need to consider before making a will:
Table of Contents
What assets do I have?
If you have assets such as property, investments and savings, it’s important to check how much they’re worth and make sure they’re correctly valued in case there’s any dispute after your death. If you don’t know what everything is worth, get help from an advisor or accountant.
How do I want my assets distributed?
This is the most important question in making a will – who gets what? You may want to leave something specific to a particular person or charity, but if this isn’t possible then it’s best to leave everything equally among your children or grandchildren (if any). However, if any of them would prefer something specific instead of an equal share of everything then they can ask for it in their own separate wills.
1. Do you have children or other dependants?
If you have children or other dependants who rely on you financially, it’s important that they are looked after in the event of your death. You might want to consider setting up a trust fund for them or leaving property directly to them in their own right (rather than through the estate).
2. What do you want to happen to your assets when you die?
You need to decide what happens with your assets when you die. If these are going to be left in trust, it’s important that trustees are named and given authority over those assets. It’s also worth considering whether there’s anything specific that should be done with any assets currently held in joint names (for example, if there is a mortgage over your home).
3. Should your spouse be made beneficiary of insurance policies?
If you have life insurance policies in place, it makes sense to make sure someone you trust is named as beneficiary (particularly if they’ll need money quickly). However, this isn’t always an easy task as some insurance companies require beneficiaries.
All states require that wills be signed by two witnesses who must be present when the will is signed by the testator (the person creating the will). The witnesses must also be present when the testator signs each page of the document. Witnesses should not be beneficiaries under the terms of the will, nor should they have any interest in its contents other than witnessing it being signed. Learn more about laws their rules and regulations on this dedicated website: https://lawyernewsblog.com/.
If you cannot find two witnesses who meet these requirements, then you can use a notary public instead. A notary public is someone authorized by state law to witness signatures on legal documents. If all parties involved in making and signing a will are in good health, then they do not need to see an attorney before signing their wills. You can contact Middlesbrough wills for more information.