The contemplation of your death is never pleasant, but doing the right thing by anticipating the possible circumstances of your passing and the impact on your family is an honorable act. A last will is a document/form that will ensure that your wishes are carried out after your death.
The most important reason you probably want to make a perfect will is because you want your loved ones to inherit your precious wealth. You can also use a last will to determine who will be the legal guardians of your children. A tax-efficient last will can help ensure that your estate is primarily passed on to your loved ones by allowing you to name an executor of your will. The executor will ensure the application of the will.
There are some basic things to consider when making your will. Make your will at an early age before you are so old or senile that it could be argued that you were too mentally incompetent to execute his last will and testament. Also, remember to always date your last will, as a newer last will always overrides an older last will and testament. Finally, it is best to keep your will as simple, accurate, and easy to read/understand as possible.
Whoever the testament is (the “testator”) must sign their last will and testament in the company of at least two witnesses who are not beneficiaries of the will and can attest to it. Each page of the last will and testament must be signed by the testator, numbered and dated accordingly (any corrections must be countersigned).
It is best to keep the will in a safe place that is known to you and the beneficiaries; usually it is a bank vault. Any signed copy may be retained by an attorney. Codicils can be attached and read to make changes to the will. Although, if there are too many changes, it is better to write a new will.
The main contents of the will are:
1) Name and address
2) Brief descriptions of your assets
3) An alternate beneficiary in case the first one predeceases you.
4) Gifts to people
5) If you wish, the cancellation of debts
6) Name of the executor to administer your estate
7) Name of the guardian who will take care of your minor child(ren).
8) Your signature
9) And, the signature of the two witnesses
Appointing a guardian is important if you have minor children. If you do not appoint a guardian, the state will assign one for you and this may mean CPS (Child Protective Services) in some cases. The guardian of the minor must be over 18 years of age. The tutor must also be previously consulted about his decision to complement him as a tutor.
The executor’s job is to pay taxes, creditors, cancel credit cards, subscriptions, and distribute the testator’s assets according to his will. The executor can be a spouse, a friend of yours, a family member, a trust company, or an attorney.
You can start preparing to write your will today by taking an inventory of your assets and who receives them. Consider your family’s future responsibilities in the event of death and decide for yourself if he wants to do the honorable deed.
