Most people don’t give much thought to drafting their Will. However, it’s one of those things that require the most amount of thinking and careful decisions. Below is everything you should be looking for when Will is drafting.
It might be a surprise but drafting your Will and sorting everything out when you are in your best health is the right way to go. Most people don’t think about their Will unless they acquire some chronic illness.
We don’t mean to tell you always to keep thinking about sorting things after your demise but be prepared in advance just in case. When it comes to writing a will there are several decisions that you need to make. If you don’t have a will, your local court will decide everything on its own terms and state laws. So, it is essential to know what to look for in Will drafting.
Things To Keep In Mind Before Drafting Your Will
Writing your Will with proper thought is not good just for you, but it also benefits your family. All adults should have their wills written when they acquire a job or even some savings. If we consider everything, Will drafting might seem like a complicated task, so that we will divide this process into steps.
1-Who Writes The Will?
Will writing can be as easy as writing a short note on a piece of paper, but if you have many assets and are having difficulty sorting things up, you can always hire someone to write down the Will for you. You can hire a good Toronto will drafting lawyer from Ameer law firm.
It allows you to take a backseat and think clearly about everything you want to include in your Will.
You also have the option to do it all by yourself. As long as it’s legally valid, It doesn’t matter how or where you write it.
If you are one of those people who are concerned about how your family will carry out your funeral, there is excellent news! You can include the details of your funeral in your Will. However you can just totally skip this step and let your family arrange your funeral how they see fit.
3-Evaluate All Of Your Assets:
One of the most critical steps in will drafting is evaluating your assets. List everything that you own. Be it your own house, your bank account details, your life insurance, any property you own, or it can even be an old picture that you love!
It doesn’t even have to be financial. You can also leave assets in your Will to which you are emotionally attached. Include even those properties or things that you own jointly with someone. Sorting all of these things might be difficult on your own, so you can even hire a legal adviser or a lawyer to help you sort things out.
It is essential to take time and think carefully in this step since you want to cover absolutely every asset in your Will. Moreover, it would be best not to overlook your digital assets like your online accounts.
For example, if you own a steam account and have spent a lot of money on video games and software, you can put your account details in your Will. These accounts can be worth thousands of dollars, or you can pass them on to someone without selling them.
4-Who gets a part in your assets:
This step is all about your preference and relationships. You can choose not to give anything to anyone and donate all of your assets to charities, or you can choose someone close to you to obtain all of your belongings after your demise. They’re a lot of options, and you are not forced to keep your Will to a particular group of people.
However, if you decide to include multiple people in your Will, make sure that you are clear about how much of your assets each person will get. Try to keep it simple, and if the mentioned people are family, try prioritizing people who are struggling financially.
For example, if you have two children and one of them is in a bad financial condition, you can give that child a bit additional share from your assets. However as discussed before it’s up to you, so do whatever you prefer.
5-Taking care of the family:
Writing a will as a single adult can be different from being with a wife and kids. It would be best if you considered the needs of your whole family when drafting a will (not that you are forced to). Once you get married, your assets belong to your wife by default (unless you have children).
So, it is advisable to update your Will after marriage, and if you have children from your ex-wife, you need to include them, too, since your assets will be transferred to your new wife unless you update your Will. These things can get complicated, so that you might need legal advice.
It would be best to go for a good Will drafting law firm in Toronto like Ameer Law Office. For that, we would Ameer law firm is the ideal place. If you need advice, you can visit their website at AmeerLaw.com.
6-Choose your will executor:
Once you have listed all of your assets and decided everyone’s share in your Will, you can move forward to choosing your will executor. This step is also crucial since the executor would be in charge of fulfilling your Will after your demise.
The executor should be qualified and trusty so make sure it’s someone you trust. It’s better to choose someone who is not mentioned in the Will to be neutral.
7-Steps for uncertain events:
You should also mention alternative conditions in your Will if, for some reason, the executor cannot fulfill your original. It can be caused by a lot of things, including a loved one dying before they can inherit the Will. These events might not occur, but it’s essential to be prepared for the worst.
8-Finalizing your Will:
Once everything in your will is settled, it is time to finalize your Will. You can also add your final wish. Your final wish is something that you want done after your death. It will be fulfilled as long as it’s legal and everyone involved consents to it.
After your final wish, you have to sign the Will. This is usually done in the presence of 2 witnesses and they must also sign the Will with you. After you and the witnesses have signed the Will you need to store it in a safe location. It can be a bank or even your own house.
To sum it up, you should not take will-drafting lightly. If you keep delaying it for tomorrow, that tomorrow might never come. So save up some time and start working on your Will today. If you are unsure about writing the Will yourself, go to AmeerLaw.com, and we offer you a free consultation.