While some people might not put much thought into what happens to our personal items when we pass away, preparing for that time can ease things on your surviving family. You want to make sure your prized possessions end up in the right hands, and the best way to guarantee that is to prepare your last will and testament.
It’s best to go in prepared when writing your will. You’ll need information about your assets, debts, and the information you need to prevent any disputes after your passing. When you’re preparing to write your last will and testament, make sure you’ve considered all the following steps.
Determining Assets and Beneficiaries
First, you must decide what should be included in your will. For example, maybe you have a piece of property that you want to go to one of your children, but you want your musical instruments to go to a nephew or family friend. The valuable things you own should be included, but it’s easy to lose track of them.
If you’re preparing your will, start by listing the assets you own in detail, so you know just what to include. From there, you’ll need to decide who will be receiving these assets after your death. Preparing your assets can make sure that your property is split among your loved ones in fair shares.
Choosing an Executor
You’ll also need to consider what will happen to your debts, who will pay your funeral expenses, and who will make decisions for you after your death. This is often known as an executor, and part of your will should include naming the executor.
Having someone who can speak to your after your death can take some of the strain off your family. They can help settle your estate and make sure that your family’s needs are handled. Often, the executor is a close family member, such as a spouse, sibling, or child, though a lawyer can help you choose if you’re uncertain about who to choose.
Settling Disagreements Now
It’s unfortunate, but some family members might dispute your will. They may have been left out of the will altogether, and they believe that this was a mistake. They can act within 60 days and contest your case, but this can delay your loved ones getting the assets you left for them.
Lucky for you, you can settle this with a “no-contest clause†in your will. This can stop them from contesting, since they could lose the assets they already stand to gain by contesting.
Getting a Professional Review
When you’re preparing to write your last will and testament, you need to have as much information as possible to make decisions about your estate. This can be a little complicated without help from an attorney, but we can help.
At Barros, McNamara, Malkiewicz & Taylor, we can help you prepare your last will and testament, to make your family’s separation of your assets easier. For help with your will, give us a call at 302-734-8400 or click here for our website.