A will is a necessary document which determines how your wealth and assets are distributed when you pass away. For people who may have a variety of different assets and dependants, a will plays a pivotal role to ensure that the wealth is distributed as per the creator’s desire. In this article, we will discuss some of the main points to keep in mind when creating a will.
First off maybe the most obvious. You should start off by taking an account of all the individual elements that you own and who you want them to be passed on to. Such assets and wealth may include property, bank accounts, investments, shares, life policies and jewellery.
One delicate aspect of property ownership and a popular reason why a married couple may create a will is so that they are covered if one of them dies and full ownership passes on to the living spouse, without having to share fifty percent with the children. This allows the purchasing party, in this case the parents, to maintain full control over the property which they have worked and paid for.
In certain cases, there are situations where people may prefer not to have their wealth passed on to someone in particular. Whilst it would be difficult to imagine a couple not wanting to pass on their wealth to their children, some who do not have children, would not be comfortable knowing that if something happened to them, their wealth would go to their siblings. Let’s give an example: You are single and you do not want your brothers or sisters to benefit from your will: You can assign your will to anyone you wish, perhaps a friend!
To create a will, you need to appoint a notary, who will tend to the appropriate legal procedures after death. Whilst the creation of a will is normally a straightforward process, this may be in certain cases more complicated and time-consuming, especially if the requests are less conventional and involve multiple parties, such as children from different relationships and several partners.
It is important to note that the notary is legally responsible to ensure that the will is executed appropriately, and any negligence may result in liability. In this respect, it is important to ensure that you are selecting a notary of a certain standing for this very delicate procedure.
A will also requires a testamentary executor who will need to coordinate the process of distribution following your death. It may be wise to appoint more than one executor, to reduce the risk of any potential abuse.
Do you value the importance of a will? You may perhaps think of it as something you can postpone and create at a later point in life, however, you never know what can happen and should the unexpected occur, you would want to be prepared.