Having a good will is a preventive action that ensures that your assets, property and the loved ones are always protected. It will help in resolving disputes when you are not there. All your bases should be adequately covered when writing a testament or will. The following are some of the essential things that you should take into account when writing a will.
Naming the beneficiaries
You are required to identify the beneficiaries of the specific properties or assets. This involves identifying the different items and their beneficiaries. These items are known bequests. They can be real estate, money or property. Typically, they are used in distributing properties amongst family. You can also distribute some to charities, work associates, friends or other organizations.
Identifying an executor
This is the first item that needs to be addressed in a will. This is the people who will be representing your when you are not there. The executor has a responsibility of ensuring that everything has been carried out as it was intended. Providing an alternate executor is also recommended. This will ensure that you are well-represented of the original one happens to passes away, or he is not capable of doing that job.
Specifying alternate beneficiaries
This is not necessary, but it is a good idea. This will help in resolving disputes in case one of the beneficiaries passes away. The two options for specifying alternate beneficiaries include identifying backup recipients and stating that the living relatives of the original beneficiary be given that bequest.
Identifying organizations or people who get the remaining property
Sometimes you might be left with some properties after distributing your assets. The organization or individual that will have the outstanding property should be named. This property is referred to as the “residual estate.”
Instructions on how to divide your assets
Specific instructions on how the beneficiaries will divide your property should always be provided. This is a helpful way of leaving behind clear directions. For instance, you should state which properties are to be sold and how the profits will be divided.
Instructions on how to divide your business assets
In most cases, business assets are separated from the other personal assets. Anyone having such properties should specify how they will be handled. Hiring an attorney can guide on how to divide these assets.
Noting how debts, expenses, and taxes will be paid
Anyone having residual taxes or owing taxes should describe how they will be handled or taken care of. You should also note how the probate and funeral cost will be covered.