Don’t Sign Your Will Until You’ve Covered These 18 Points

Written By Lisa Marley

Your will guarantees that everything you worked for is distributed fairly among your loved ones. Be very meticulous about what is included in it so that every detail is catered for and explained explicitly. This article discusses some of the things that you should look out for before signing your will.

Real Estate

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If you own real estate, such as a house or land, include specific instructions on how it should be distributed among your beneficiaries. Address any co-owned properties and clearly describe all the details of the properties, such as the location and size. In addition, consider any tax implications for real estate transfers.

Funeral Arrangements

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After death, your loved ones may be too emotional to plan for a proper funeral. You can take away this burden by making proper arrangements for how you want to be buried or cremated. Discuss some of these decisions with them so they’re aware of your wishes.

Specific Requests

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Some items may have sentimental value and you may want to leave them for specific individuals. Cornell Law says to make specific bequests for these items. This means you have explicit guidelines on whom to give that property to. Discuss bequests with intended recipients so they know what it means to you.

Taxes

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When planning your estate, it’s important to consider the taxes that may apply to asset transfers. Understanding the tax implications can help minimize tax liabilities for your beneficiaries. Strategies such as gifting or charitable donations can help you minimize taxes. Additionally, consult a tax advisor for personalized assistance.

Charitable Donations

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You may have some charities you have donated to or would like to give something to. If you don’t leave instructions in your will, it might not be continued. Include any donations you want to keep making and specify the organizations to give them to.

Residuary Estate

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After all your debts and taxes are settled, you may have additional assets that aren’t accounted for, known as residual estate. Address the distribution of these items among the beneficiaries to avoid any fights or disagreements. Specify exactly how they should be divided.

Legal Formalities

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To create a valid will, you must follow certain rules set by the law. These legal formalities ensure that your will is legally binding and enforceable. It’s essential to consult with legal professionals such as estate planning attorneys, financial advisors, or accountants to help you fulfill these requirements.

Executor

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Choosing the right executor for your will is vital to ensuring that your final wishes are carried out smoothly. Find someone who is trustworthy and responsible. Specify what the executor’s powers and duties are. Yellow Will advises that an executor should be someone who understands legal formalities and can get along with others easily.

Witnesses and Signatures

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To validate your will legally, it must be witnessed and signed according to the specific requirements outlined by your jurisdiction’s laws. Getting the right witnesses ensures that your will isn’t contested, and these people can verify that you made the will willingly and clear-mindedly.

Mental Capacity

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When signing your will, you need to be mentally capable. This means you must understand what you’re doing and the consequences. You can get a professional assessment to confirm your mental capability. They can provide evidence that you were of sound mind and your wishes are clear and legally valid.

Guardianship

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Don’t forget to have your children well cared for after you die, especially those who are still minors. According to FindLaw.com, a guardian is responsible for the education, healthcare, and general well-being of the child. So, make arrangements for someone you trust to take on this very important role.

Contingency Plans

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A will could be written and kept for years before it is used. Many changes can happen in that time. Beneficiaries, assigned guardians, executors, or even your assets might change. Be sure to put contingency plans for any unforeseen events. You may include another individual as a backup in case the primary is unable to.

Digital Assets

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With many advancements in technology, a lot of people have made investments in digital platforms. It’s vital to account for your digital assets, such as online accounts, cryptocurrencies, and intellectual property. Provide all the required access information and specify how these digital assets should be managed.

Living Will and Healthcare Directives

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In addition to your traditional will, it’s critical to have a living will or advance healthcare directive. These documents outline your medical treatment preferences and provide a healthcare proxy in case you become incapacitated. You can specify the types of medical care you do or don’t want to receive.

Debts

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Address any outstanding debts or liabilities you may have to ensure your family isn’t left with them after you die. Debt.org says that 73% of Americans are likely to die with debts. Many leave their families with nothing, or worse, get kicked out of their homes due to outstanding mortgages.

Beneficiaries

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A beneficiary is anyone you would like to name in your will to receive certain assets, financial benefits, or any gifts. This could be family, friends, or charities that you want to donate something to. Identify all the beneficiaries and the specific items you assigned them.

Trusts

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Trusts can help protect assets for your beneficiaries. By establishing trusts, you can explain how things should be managed and distributed over time. Specify the terms and conditions of these trusts. Discuss the arrangements with potential trustees so they understand their responsibilities.

Family Dynamics

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Consider your family relationships when making decisions. Openly talk with the family members about these plans to prevent any misunderstandings. Address potential conflicts early on to ensure your wishes are carried out easily. By considering family dynamics, you can create a plan that reflects your values and priorities while maintaining harmony.

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