Will is an item that a lot of people do not like to think about especially when they are young.Most people manage to draft a will for the first fifty years of their lives. However, legal advisors believe that a will should be drafted out as soon as is possible.
How To Drafting a will
Whenever there is a will, there are often people available to contest the content of the will. This can extend beyond even your next of kin. It is for this purpose that drafting your will is imperative.
It offers you the chance to plan and organize the manner in which your assets and estate would be distributed upon your death. This is because if a person dies without having a will.
The probate court would determine how the assets of the individual will be distributed and this might not be to in line to what the person would have wished.
In order to ensure your heir or heirs are beneficiaries of your estate, there are certain items that are impossible to remove. These items are the different components of an estate plan and are indispensable. They include the following:
Drafting a Will/Trust
There are certain legal norms that guide the writing of a will. It is imperative that these norms are followed. Also, the way a will or trust is composed is extremely important, therefore, each aspect of the composition is expected to be treated with care.
Power of Attorney
The power of attorney on the will or trust has to be unchanging. This aspect ensures that in a scenario where you are disabled, your agent will be empowered to perform duties on your behalf.
If you do not choose an agent to invest with the power of attorney, the decision may rest with the court which also has the jurisdiction to decide.
Drafting a will Designation of Beneficiary
It is important and necessary that you have the beneficiary of your belongings appended in your will. This includes retirement and insurance accounts.
There are situations in which a special request can be made as a result of your deteriorating health or impending death. In such scenarios, you should mention the state of your health in the letter of intent. This letter is required to be assigned to either the executor or beneficiary.
Health Care Power of Attorney
This item is designed to help you with health care decisions if you are incapable. However, it is essential that you trust in the individual you decide to award the power of attorney.
Designation of Guardianship
This item is essential if you have kids already or plan on having kids of your own.
The following involves the steps you can follow in order to draft your own will:
- Create a List of your Assets
- Select a Guardian for your Children
- Appoint an Executor
- Create a List of your Beneficiaries
- Validate your Will
- Input your Final Wishes and
- Draw up your Will.
Benefits of Drafting a will
There are several benefits of having a will some of which include the following;
- Drafting a will can help to limit disputes within the family. Unless it is believed that the individual who made the will is not totally sane. Where there is a will, the possibility of squabbling occurring over the deceased’s belongings is relatively low.
- Having a will makes the process of quantifying and distributing assets much easier. It prevents the process that might be involved in going to banks and looking for paperwork trying to know all the assets the deceased owned. It also quantifies the amount of an asset and the total amount of the deceased’s assets.
- It can name a guardian for your children. Without a will, the state would be in charge of deciding the person responsible for taking care of your children. However, a will outlines the individual that you desire to guard your children
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