According to a report, 70% of Americans don’t have a will. This is a grave mistake that people make. Smart ones who make a will also make mistakes while framing it. Only rich & wealthy individuals don’t need wills. Whether you own a huge property or have a small flat, having a will ensures safety & security. It ensures whatever you own, big or small, goes into the hands of beneficiaries you designated that could be your family or trust. So that tomorrow, your loved ones wouldn’t have to fight to prevent your belongings from going to any fringe element.
So, if you are planning to write a will, follow these steps: Select a custodian in case you have minor children, get an executor who will oversee the will when you will pass away, and put down how you would like to allocate your belongings. It will also empower you leave your assets to any charity or organization.
While you can include everything in your will, you can also exclude some items like payouts from your life insurance policy. You can leave it to the beneficiaries that you earlier named while applying for the policy.
Moreover, you can also make a document know as a letter of instruction in which you include particulars that will facilitate the executor in settling your estate like account numbers, passwords, & also burial guidelines.
Called a testamentary will, through this will you draft a document that will contain your wishes. It’s one of the better insurances for your family after you expire. You can prepare it yourself, but it’s better to consult an attorney to avoid mistakes.
While the testamentary will is your go-to will, you can also opt for other wills that include Holographic wills. Crafted & signed by the testator, while witnesses are not known, this type of will is used when witnesses are not available and you don’t have sufficient time to arrange them. Such wills are not recognized in many geographies, and in places where they are permitted, the minimum requirement for the will to be accepted as proof that states that the testator wrote it in an unwavering condition.