Wills and Trust – 5 Important Things that You Need to Know About Will Planning
Planning a Will is usually considered a thing in everyone’s to-do list. But the majority of the people don’t care about genuine Will planning. And if someone doesn’t have a Will, passes away, then their estate will be distributed by legal solutions. There will be absolutely no consideration of any wishes the legal owner of the estate has had.
If you are planning on writing a Will, you are just in the right place. This article will discuss five essential things you need to know about Wills. Let’s get started.
Things to Consider Before Writing a Will
Collated below are a few things that you need to consider before writing a Will. They are:
- Sit down and calmly do the Will planning.
- Decide if you require a Will and Trust attorney before writing down your Will.
- Determine whether you want to write your own Will or hire a testator.
- Chalk out your financial dependencies with the help of a wealth planner.
- Figure out the people you want to keep as your beneficiaries during family estate planning.
- Keep yourself well prepared for the unexpected consequences.
- Determine the name you want to keep as the executor in your Will.
- While writing a Will, take the help of lawyer services and keep the words simple. This will ensure your rightful wishes to your executor without ambiguity.
- Remember that you need to consider inheritance tax.
- While you prepare and write down your estate Wills, make sure to take the signatures of two or more witnesses.
- And lastly, when you have finished writing your Will, store it in a safe place. You can also keep your Will with certain probate firms if you wish.
5 Important Things that You Need to Know About Wills
Wills and Trust are very crucial for every person. Here are the five essential things that you need to know about Wills. They are:
1. A Will Requires to Go to the Probate Court
After you pass away, a Will decides and considers the rightful distribution of your asset. But for that, your Will requires validation, and it needs to be filed in the Probate Court. Any of your legal beneficiaries or executors can do the needful through a bond or a petition.
2. Will is a Public Document in Your Absence
You must know that your Will must be filed in the Probate Court once you die. And that is precisely when your Will becomes a public document. So, for instance, you might have intentionally kept anyone out from having a share of your assets. But that person can also obtain the file that consists of your Will and look through them.
3. Wills Can Never be An Advance Care Directive
It will only consist of the information regarding the distribution of your assets after you pass away. And this document is way different from the Living Will, which states choices of extraordinary life-saving measures. So it would be best if you remembered that a Will could not be considered as an advance care directive.
4. Will Only Deal with Assets
Many people have separate funeral wishes, which you can never put into a Will. Will only consider important information regarding the assets you possess. It will also consist of information on how and amongst whom your assets will be distributed.
5. Wills are Associated with Legal Formalities
While validating a Will, you must remember that it requires a probate process. For handling all the financial matters mentioned in your Will, you must assign an executor prior.
Whenever you plan to write a Will, make sure you take help from any legal services corporation. It will eliminate complications for your beneficiaries and make things simple while distributing your asset.