No one likes to think about dying, and that is one of the reasons why many people put off writing a will. Even though estate planning isn’t always easy, your will could be one of the most important legal documents that you ever sign. It tells your family and the state exactly where you would like your assets to go. Here are three tips that are going to help you write a comprehensive will that is legally binding.
Organize Your Finances and Assets
Many people don’t realize just how many possessions they have until it comes time to write a will. Over the course of a few weeks, you may want to spend some time categorizing and organizing all of your assets. Everything from home appliances to family heirlooms must be included in your estate plan. You should also take a close look at all of your financial accounts. Liquid assets tend to grow and shrink over the years, but you can at least get a general idea of what you will be handing over to your family and loved ones.
Contact an Attorney
Before putting anything down, you must first decide if you will do it yourself or get help from a lawyer. As a general rule, you should always consult with a lawyer before signing any legal paperwork. Even if your will seems straightforward, it might not be legally valid if you are missing signatures or didn’t have enough witnesses present. If your will is deemed invalid, then all of your assets are going to go through probate. That can result in squabbling family members, expensive court fees, lawyer fees, and additional taxes. The best way to avoid those issues is to make sure that your will is legal and valid.
Regularly Review and Update It
Most experts agree that wills should be reviewed and updated at least once every five years. During that time, quite a few significant lifestyle changes can take place. If your relationship status changes, you may need to rewrite almost your entire will, especially if you get a divorce. With a few exceptions, you probably don’t want your ex-spouse to have control over your estate when you pass away. You also need to take a fresh look at the will whenever any new tax laws are passed. Estate laws tend to change every few years in order to account for inflation. Finally, you should review your will whenever you make any large financial decisions. That includes selling a home, buying a car, or changing up your investments. Any assets that aren’t in your will might have to go through probate.
In addition to writing a will, you also need to consider filling out a medical power of attorney form. That form gives a loved one permission to make important medical decisions on your behalf if you are ever injured or incapacitated.
For more information on how to prepare your will, contact us now. Go with Christ, and God bless!
References:
Forbes | When Should You Redo Your Will
Verhaeghe Law | Wills and Estate Law
Burton Law Firm | How Does a Divorce Affect My Will?
Nolo | What is the best way to update my will?
U.S.News | 5 Questions to Ask Before Writing a Living Will
Your advice to contact a lawyer, even if your will seems straightforward, in order to make sure everything is prepared so it’s legally valid would be important. This could help you prevent problems when you pass away and ensure your assets are distributed the way you want. When choosing a lawyer, it would probably be a good idea to research attorneys and find ones that specialize in wills so you can then set up appointments with the best professionals in order to discuss your situation.