The question is, what will happen after you die?
After someone close to you dies?
Is a plan in place? What happens to their assets? Who is responsible? Who gets what and how is it distributed? Who will be the guardians of minor children? What if there are disputes and gray areas where family members don’t get along?
While all of this is not fun to think about, it’s a crucial part of dealing with death.
Here are eight elements of a will you gotta know…
Legally speaking, a will provides legally binding instructions for managing your assets and related responsibilities upon your death. If you don’t have a will, the state will decide, which you probably don’t want. That’s why it’s important to have a valid will, properly signed, witnessed, and completed.
If you have any questions about these details, don’t guess. Anyone who makes a will should consult an estate planning attorney to ensure everything is in tip-top shape.
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Who ‘benefits’ from your will? Who gets your assets and how much? It doesn’t even have to be family, it could be friends, a charity, or some organization you’re fond of. When you name your beneficiaries, be sure to specify all the nitty-gritty. Otherwise, the state may take control of your assets.
Talk to designated beneficiaries about their retirement, financial, and insurance accounts, so that these aspects align with what’s on your will. And finally, consider backup beneficiaries in case – God forbid – your designated beneficiaries die before you do!
If you have minor children when you pass, who’s gonna look after them?
Be sure to appoint guardians for any dependents, or the court will decide who watches over them. Be sure to name more than one guardian just in case, and of course, check with them before you designate them!
In some cases, they may be willing to be a guardian at the time you devise your will, but by the time you’re deceased, new life circumstances prevent them from fulfilling that guardianship. So, as always, be sure to name alternates.
Assets – whether tangible or intangible – can be distributed to whoever you wish. From your bank accounts to your income-producing real estate, all of it can be divided up. This is also the best way to prevent any nasty arguments after you die (when people should be coming together).
Just make sure you’re very precise. If you want to pass on a vacation home, but you own multiple properties, don’t just say “beach house.” Specify the address, the type of property, and any other relevant information that makes it totally clear.
Oftentimes, lack of specificity in wills is a major reason for ongoing disputes.
Sometimes, we have specific instructions for managing specific items after we pass. Think of something your grandmother gave you that’s been in the family for years. How about a particular personal property that you never dared to sell?
If there’s something of great sentimental value, now is the time to make a particular request for how it’s handled after your death. This is also a great way to preserve a legacy.
Again, just be sure you’re specific in your will. Describe the item thoroughly, say where it’s located, and clearly communicate who or what should receive it. And finally, let beneficiaries know ahead of time that this special item or property will be theirs!
The executor is simply the person who will ‘execute’ your will by following everything it outlines. And I mean, everything. So be sure your executor is smart, knowledgeable, and most importantly, responsible! Talk to them beforehand about the importance and extent of this duty.
Do you expect to owe money when you die, like credit card debt or a mortgage?
The last thing you want is your beneficiaries footing the bill. So address these issues beforehand on your will. Your executor can be instructed to pay off debts using your estate before any assets are distributed. With a will, you can determine how particular debts are paid off, ensuring the assets you want around still get to your beneficiaries.
This is simple but important.
Just remember, the will means nothing without a legally valid signature from the testator (the person creating the will). Moreover, two others must witness you signing it – and they can’t be beneficiaries. The witnesses must also sign and should be individuals who are trustworthy and mentally competent.
Once your will is completed and signed, keep it safe and secure where your executor knows it is. And from there, put your mind at ease, and get back to living your life!
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