Creating a Will Online
It doesn’t matter how old you are or what your economic status, creating a will is one of the most important steps you can make in estate planning. In case you die without a will in place, you will die intestate – meaning it is the state that will decide how your property will be shared.
This is something that no one would probably want to happen after they are gone. Imagine the kind of trouble and trauma that your loved ones will undergo. The problem is that many people don’t take the issue of writing a will seriously. Others see it as a bad omen and try to postpone it until the inevitable happens.
Life can be very unpredictable. You should create a will online when you have the chance, and with sites like GoodTrust, it’s very easy to do so. Waiting for the right time of postponing the process can spell trouble for your loved ones after you are gone.
Here are 5 things to consider before creating a will
1. Decide who will be your executor
The executor is the individual who will have the right to manage or handle your estate. You are the one who is supposed to choose someone you trust to assume that responsibility. It could be your spouse, close friend, or anyone you fully trust.
But bear in mind that administering an estate is not a simple job. You should talk to whoever you prefer in advance and find out if they are willing and able to do the job. Ensure they know where to get your important documents like your will, bank accounts, passwords, and so on.
2. will be your beneficiaries?
This is another important thing to consider when creating a will online. Beneficiaries are the people who will inherit your property as per the instructions stipulated in your will. These are usually your close family members such as your spouse, children, or siblings.
It is important to make instructions very clear in your will to avoid confusion in case something sudden happens to you. It is also to think of extended family members if all your family is lost.
3. Know the amount of property you own
A will entail both real and personal property. As such, you should have a comprehensive or holistic list and decide who will have what. Real property consists of things such as houses, land, and other stationary property. Personal property includes stocks, family heirlooms, bank accounts among others.
4. Choose a legal guardian to represent children
In most cases, when one parent passes on, the other parents automatically take custody of the minor children. But this is not always the case, especially if both parents die. That’s why you should choose a legal expert for any minor child included in the will.
5. Joint property with your spouse cannot be included in the will
It is also important to note that co-owned property with your wife or any other person cannot be part of the will.
In a nutshell, having a will is important for everyone. It doesn’t matter how old you are or how much you own. You need a will instructing how your property will be shared in case of death.
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