Do you intend on creating your will but don’t know how to go about the process? Writing a will isn’t difficult provided you know how to create one. Below, are some things to know before creating your will.
What is a Will?
A will is one of the most important documents in estate planning. An estate plan without a will is incomplete! For an estate plan to be deemed an estate plan, there has to be a will, at least.
A will is a document that contains the wishes of the estate owner. This document usually contains the names of all estate beneficiaries, the deceased assets, the name of the estate executor, including other important information regarding the estate of the deceased. After the death of the estate owner, the estate executor is to submit the will to the probate court to begin the probate process.
In the event that the deceased failed to draft a will, the estate of the deceased will be shared based on the intestate laws of New York. If you reside in New York and need to draft your will, don’t hesitate to contact a will attorney, New York.
Things to know about writing a will
- You need to designate an executor
An executor is an individual who’ll ensure that your wishes are fulfilled. This individual will conclude everything after your death, including paying taxes and debts, closing accounts and sharing your properties based on your will.
- Select beneficiaries
When you die who’ll inherit your assets? You need to make this decision before you proceed to write your will. After your death, your assets will go to the beneficiaries chosen by you. A beneficiary could be anyone.
- You can create a will yourself
Most times, you may not need the services of an estate planning attorney when creating a will. You may only need the help of this professional if you have a large estate or if you wish to create complex estate planning documents like a power of attorney or trust.
- An estate planning attorney can be of help
If you have a large estate creating a will with the help of those generic online estate planning tools might be a huge mistake. To ensure that your will is well-drafted, ensure you contact an estate planning attorney. They have the experience needed to create a will that covers your estate regardless of its size.
- If you have a will, you may have to update it
After creating a will, you’ll need to update it regularly especially after a significant event like a divorce, the purchase of new assets, old age, etc.
- Naming a guardian is important
If you have kids who are below 18, it is imperative that you designate guardians for them. If you don’t have a will with a designated guardian and something happens to you, the court will end up designating a guardian for your kids. It bet this isn’t something you’ll like.
- Keeping your will
Ensure you keep your will in an accessible area so that after your passing, your loved ones or estate executor can present it to the court for the next process. You can tell your spouse or a trusted individual the location of the will.
- Power of attorney
While creating a will, it is important you create a power of attorney as well. A POA allows you to choose an individual who’ll make important decisions for you should you become incapacitated. Failure to create this document will give the court the right to designate an individual who’ll make decisions for you if you become incapacitated.
Ensure you create a list of your assets so you don’t leave any out when creating your will. If you own assets, such as a house, property or car, make sure you identify whether you own the assets solely or with someone else.
- Funeral Instructions
How do you want to be buried? Do you want to be cremated? Or do you wish to be buried in a particular location? You can highlight this wish in your will.
Do you want to create a will but don’t know how? Don’t hesitate to contact our office. Our estate planning attorneys will ensure that your will is drafted to your taste.