Did you know that 60% of people around the world don’t have a will? Reggie London states that this means that if they passed away today, it would be in the hands of the courts to decide how their wealth would be split. Does this reflect your situation right now? If so, then it’s a critical issue. Because after your death, your possessions would be given to people that you might not care about, or they might all be deposited with the government.
Planning your will is an important step in preparing for the future. Here’s a detailed guide to key aspects to consider when creating your will:
1. Don’t Delay or Procrastinate
Putting off writing a will is common, but it’s essential to act sooner rather than later. Reggie London says that none of us can predict the future, and having a will in place ensures your wishes are known and followed after you’re gone. Life can be unpredictable, and unforeseen events can happen unexpectedly. By creating a will now, while you’re in good health and of sound mind, you can be sure that your estate will be managed according to your wishes.
2. Do Not Let the Details Get You Down
When creating your will, focus on capturing the most important aspects rather than getting overwhelmed by every detail. It’s better to have a will that covers the essential principles of how you want your assets distributed than to delay creating one due to perfectionism. You can always update and refine your will as needed over time. The key is to get the basic structure in place so that your intentions are clear.
3. Don’t Choose the Wrong Executor
It is important to choose the appropriate executor for your will. An executor is responsible for managing your estate and ensuring that your wishes are carried out. Avoid choosing an executor solely based on sentiment. Instead, look for someone who is responsible, trustworthy, and capable of handling the duties involved. Consider whether they have the time and willingness to fulfill this important role.
4. Don’t Rely Solely on Online Forms
While online will forms can be convenient, they may not cover all the legal complexities of your unique situation. It is crucial to consult an estate planning lawyer for expert guidance. A lawyer specializing in wills and estate planning can provide personalized guidance and ensure that your will is legally sound and tailored to your specific needs and circumstances.
5. Do Choose Alternatives
When selecting beneficiaries and an executor, consider naming alternatives in case your primary choices are unable to fulfill their roles. This ensures that your wishes can still be carried out even if circumstances change. Having backup options in your will provides added security and flexibility for the future.
6. Do Think Carefully About Your Will’s Contents
Creating a will allows you to distribute your assets according to your wishes. Take the time to consider how you want your property, savings, and belongings to be distributed among your loved ones, friends, charities, or other beneficiaries. Think about who has been important in your life and how you can support them even after you’re no longer here.
7. Do Include Friends and Charities
Inheritance laws can be strict, particularly when it comes to non-family beneficiaries. According to Reggie London, if you want to leave assets to friends, caregivers, or charitable organizations, discuss your intentions with your estate planner. Consider creating separate documentation or arrangements to ensure that your wishes are carried out without legal complications.
8. Do Keep Revising Your Will
Your current situation and goals should be reflected in your will. It’s important to review and update your will regularly to account for changes in your life, such as acquiring new assets, changing relationships, or evolving preferences. Regularly revising your will ensures that it remains up-to-date and accurately reflects your wishes.
9. Do Work with a Specialized Attorney
Consulting with an estate planning attorney is essential for creating a comprehensive and legally valid will. A specialized lawyer can navigate the complexities of estate law and ensure that your will meets all legal requirements. By working with a professional, you can avoid potential pitfalls and ensure that your loved ones are not burdened with legal issues after your passing.
Wrapping It Up
To wrap up, having a clear and legally valid will is crucial to making sure your wishes are honored and your loved ones are taken care of after you’re no longer around. Consulting with an estate planning professional can help you navigate the details and ensure your document reflects your unique situation. Take action now—don’t wait. Start today to protect your legacy and provide peace of mind for yourself and those you care about.
