Lots of people try to avoid drafting. Because thinking about legal executor, assets division, and legal formalities is not an easy game. Even there are many details such as executor, guardian for kids, funeral preferences, pet instructions which are not easy to decide. Therefore many who reach the retirement age, unable to make a will.
Considering your concern and the importance of a will, here we have mentioned all the details of a will. And how you can make it without a professional lawyer;
At what age can you draft a will?
As per law, anyone of legal age (18 years or above) can draft a will and divide property to executors and beneficiaries. The person must be of sound mind and have amassed wealth except basic retirement funds and a bank account. When you have minor children, you should also nominate a guardian who will take physical care of your children.
What is a will?
A will is a legal document that defines your wishes after death. It involves all your property, spouse, children details and who will take care of them after your death. When you try to avoid lawyer costs, you can also download and see the sample will from here. Clear instructions mentioned there will help you to make a will on your own. Some of the common details mentioned in the will are;
- Your spouse's share after your death
- Name of the oldest child who is eligible for executor and guardian's name who will take care of your kids.
- Defining the property division for trust, especially anything which is not in the name of your trust.
- How the trust will work for the favor of your kids and family members.
- Even if you have some complicated relations, you will define each person's role and what proportion they will be eligible to claim.
What is included in a will?
Following details have been added to the living trust;
- Details of every bank account
- Retirement account
- Pension account
- Life insurance of both spouses
- Business trust
- Home details
Tips to make a will without a lawyer
Here we important tips that will help you to create a will.
Find an online template.
An online template is the quickest solution to draft your will without looking for other's support. You just need to download and take a print of the sample form and add details as per your need. It will save you time and hassle. Even if you and your spouse are looking for a separate will, an online template helps you to create a document for each person.
Make a list of your assets.
When you are leaving the property for your heirs, you need to create a list of all essential real estate documents. These can include all assets such as jewelry, home, land, artwork, bank accounts, cars, etc., when you buy a property with a partner, the property will pass on to the beneficiary or your spouse after your death. You can also check your state rule for more details.
If you have insurance policies or have retirement plans, no need to write the beneficiary name, as these are already mentioned in the account. After your death, the amount will directly be transferred to the beneficiary account.
Be specific about who gets what
When you are writing, you will be specific about who will get and in what proportion. It makes things clear to your children. For instance, rather than writing "my house will be my son's property," you should write the full name of your child and house address clearly in the will.
Choose A Guardian For Minor Children
When you have kids under 18 years of age, do not forget to choose a guardian for your children. You must find a guardian on the basis of age, skills, family background, and financial situations. Write his/her full name, address, and other information on the will, including defining legal responsibilities. It helps the court to assume responsibilities for your kids in the event of death.
Give instructions for your pet.
In many states, it is illegal for the pet to be a beneficiary if you have a pet and you are worried about his care after death. You can name a guardian who will look after your pet after your death. You should leave money to bear the future cost of the caring pet.
Choose an executor
Naming an executor is crucial for will creation. An executor is a person who has the right over the property and will be responsible for paying bills or debts. You can also name more than one executor in a will and define each person's responsibilities.
List Your Funeral Preferences
Funeral choices are related to the burial or cremation of a person. If someone thinks of special arrangements at the last rites, writing it in the will can solve his/her issue. The executor will be liable to perform funeral duties as mentioned and bear all the expenses of the last rite.
Keep print out will and get it signed
Even if you have created a will using online resources or a template, it is still essential to take printouts and sign them. It proves a person's consent who is creating a will. Keep in mind, your will should not be signed by beneficiaries.
Keep it in a safe place.
The most important thing for will is to keep it in a safe place or with a trusted relative. Who can disclose your will after your death and define each beneficiary share and responsibilities for different tasks? Keep in mind, your executor or beneficiary should also know the location and how to access will.
Hope the above information helps you with how you can create your will and divide the property among beneficiaries. Again, do not forget to download a sample that can complete your half of the journey. When you are planned for safe custody, hand over it to the most reliable friend or relatives. If possible, ask the beneficiary where you have kept your will.