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1. Lawyer up, or do your research. You need to finalize if you are going to DIY your will, or if you will require a lawyer’s help. Keep in mind that your will is a binding legal document, and if written badly, can cost your heirs thousands of dollars and a lot of problems. So if you can make your will, make sure it’s ironclad.
2. Who are your beneficiaries? Think of everything you have, and who you think will appreciate and benefit from it. Are you worried about your spouse? Is there a disowned child you want to keep out from getting any of what you own? Do you also want to give your collection of stamps to your buddy who collects? What about your car? What about your timeshare? Don’t forget about your country club memberships or your rental in Miami. Think of anything and everything you would like to pass on and put them in your will. Charities close your heart can also be assigned in your will.
3. Who will execute your will? An executor is a person who will make sure that your final wishes will be respected and followed. While you can assign this role to a trusted person and friend, it may cause problems among your beneficiaries. Most would advise a third party executor, like a bank, or a lawyer. They know the law better than you do, and they can help your family with dealing with taxes, fees and other aspects we cannot foresee.
4. Will the executor get something? If your spouse or child will be executor, maybe not. If you are asking a lawyer or a bank, then maybe arrange for a fixed rate. Will it be a per hour payment? Will it be a one-time fee? Is it going to be a percentage of the total or a fixed amount? Be specific to protect your money from going to the executor.
5. Who gets what? Be specific. Don’t just say “the kids get the cars.” You know they will be fighting over which car they will get. Also, remember those you explicitly do not want to receive anything from you. Not being mentioned can simply be claimed as forgotten, especially if you have a medical condition that involved memory loss. Mention those you do not want to get anything. And for those who will be getting items, be specific as well. Say something like, “child A gets the money because they need it, but child B takes the property in Hawaii because I know how much he loves to travel.” Remember that your will is also a final message of sorts, so a few words explaining why you are giving them what will help them understand things as well.
6. What if minors are involved? If your kids are minors, then assign guardians in the event of your and your spouse’s death. Be sure to ask the person you have in mind, as they can refuse to accept guardianship of your children. If that happens, the court will assign guardians for your children.
7. What else can you put in your will? Aside from your assets, you can also attach some letters to your will. They can be goodbye letters to your loved ones, simple or funny messages, or explanations about your inheritance that you want to keep private. In the event of assigning guardians to your kids, you can write a letter on how you want them to be raised.
8. Is the will private? While your will is private, you will need witnesses to sign your will. This is proof that you were of sound mind when you wrote this, and that nothing you wrote was made under duress. Your lawyer can help explain why it matters. And it does, because people can contest your will, and any error and incorrect signature there can make your will void. It can be as simple as signing in the wrong line, or a simple typographical error.
9. Where do you keep your will? It should also be kept safe but where it can be easily found when you die, like banks. Make sure someone who will be around will know where it is. It would be pretty pointless to go through all the hardships of making a will if no one knows you kept it in the shoebox under the stairs in your basement, right? Make sure it is safe from fire, theft, water, etc.
10. Is my Will final? Your will becomes final when it is duly signed, and after you die. If you made your will when you were 30, then you can change or update your will as time goes by. Ideally, update your will when you have additional kids, or get married, get divorced, separated, if you buy more assets, come into more money or any significant changes to your life. If you’ve made an enemy out of your best friend, then amend your will, so he doesn’t get your fishing boat. It won’t take you too much time, and even if it does, it is worth every minute spent making sure that everyone gets exactly what you want, and to make sure that your final wishes be respected and followed.
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