Introduction
A Will is a legal document detailing your final wishes regarding the delegation of your assets and personal belongings after death. A legally valid and up to date Will is the best way to ensure your wishes are respected. Your Will allows you to choose your executor who will administer it, and your beneficiaries. This document is one of the most important ones you will ever sign. Therefore, you should ensure you consult an expert such as a Wills lawyer and/or an accountant. There are many things you should include in your Will. The following is a list of 5 vital things to include.
1. Choose your trusted executor
One of the most important things to include in your Will is the person to execute it for you. Your first choice should always be someone who you trust to follow your instructions. However, in case they are unable to do this, you should also appoint an alternate executor. You should also be careful when appointing more than one executor because they may not always agree on the same things.
2. Choose your beneficiaries
For a Will to be effective, you should include the names of your beneficiaries who are to receive specific property. The ‘benefits’ you may be leaving for these people can include cash, personal property and real estate. The most typical beneficiaries are children, spouses or close relatives. Many people choose their beneficiaries thinking that they will be alive at the time the Will is executed. A specific will should detail alternate beneficiaries, in case the others are not survivors.
3. Be specific in how you want your assets to be distributed
Your business assets are different from your personal assets. Therefore, your instructions regarding their distribution should be very specific. If you decide to delegate your business assets to two people, you must state exactly what the assets are and the percentages in which they should be distributed. If there is no specific method of allocation, your assets may be delegated using a specific formula. This may be against your wishes and no one can contest it since there was nothing explicitly written.
4. Note any exclusions
If there are certain people you do not want to receive anything, you should include this as a provision. Not all families get along and you may not choose them as your beneficiary. However, you can also specifically exclude them to ensure they do not receive anything.
5. Specify how debts, taxes and expenses should be paid
You should also explicitly state how you want to settle any existing debts or expenses. Most people identify a particular source that will deal with these payments. For example, a bank account will be listed to specifically settle these debts.
Final Thoughts
There are many things to include in your Will. The list above is 5 things that you should try and always include. It is really important to have a will to ensure your assets are distributed according to your wishes.
