Considerations Drafting a Will
- Benjamin Franklin (1706-1790), American inventor, journalist, statesman and one of the Founding Fathers of the United States of America. If you are born, you will die - it is inevitable. However, you can considerably ease the inconvenience of distributing your assets among your relatives and loved ones at this time of grief if you have a properly drafted will outlining your wishes. A will or testament is a legal declaration by which a person, the testator, names one or more persons to manage his estate and provides for the transfer of his property at death. Although earlier "will" referred to real property and "testament" to personal property, thereby giving rise to the popular phrase "last will and testament", this distinction no longer exists. Even though every person with assets should draft a will, not many do so, dying intestate. This gives rise to various complications such as state interference , squabbling relatives, etc. To prevent such occurrences, draft a will and keep the following considerations in mind while doing so: * The first thing to consider is all the people you would like to provide for after your demise. This might include your spouse, children, relatives and friends. If you have minor children, it is usually your spouse who will be appointed their legal guardian. However, if you are a sigle parent, you can specify in your will who will take on this role after you are gone. * The second thing to consider when drafting your will is a proper valuation of all your assets. This includes, but is not limited to, cash in hand, bank accounts, real estate, stocks, bonds, life insurance, pension plans and personal property. * The third consideration would be how you can use the aforementioned assets to help the aforementioned beneficiaries. You should have a detailed plan about how these assets would be divided, in what form payouts would be made and at what intervals, how long you would continue to help the beneficiaries, etc. * The next thing to keep in mind are the people you choose to ensure the directions as laid down in your will are carried out properly. You must exercise careful judgment while choosing the executor of the will. The executor is the person named to administer the estate, generally subject to the supervision of the probate court, in accordance with the testators wishes in the will. You can also seek the advise of professionals like attorneys, accountants, bank trust officers, stock brokers and insurance agents to help you meet your financial goals. * You need to be of sound mind to be able to draft a bill. Mental competence and contractual capacity demonstrate that you are aware of your actions, that you know you are executing a will, and that you know your property as well as your family and descendants. A doctor's assessment testifying to the fact is useful to protect the will from being contested by disgruntled relatives. * Although some states dispense with the need for witnesses, many require at least two disinterested witnesses (persons who are not beneficiaries) to observe the signing and dating of the will. Ensure that your will meets the legal provisions of the land. With a properly drafted will, you can have peace of mind that even after your death, your wishes regarding your possessions will be followed. Disclaimer: Article submitters are solely responsible for the content of their articles. ArtiLib can't be held liable for the contents of the articles. Report Abuse | Browse By Category |
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