Here are some basic tips for putting together a will. Many people don't want to think about it but is one of the most important things you can do for your loved ones.
Your will is the last gift you will leave your loved ones. Whether you are rich, poor, someone young and healthy or a person that needs elder care help, it is important to leave instructions on what you want done with your remaining assets. By creating a will you are taking away a lot of stress for your remaining family and friends. Here are some very simple tips to help avoid any issues with your will after you are gone.
One thing that very few people consider but can be a major issue after your gone is who helped you write your will. If a person who would benefit from your will helped you put it together it can be easily contested in a court of law. This is very important to remember because it is so common. Most people do not put together their will until much later in life. Because of this they often ask one of their children to help them. Now if any of the other children don't agree with what was left them, they can very easily make the claim the sibling influenced the parent.
It is important to remember to have at least two witnesses sign your document. It is extremely important to make sure that your witnesses do not benefit from your will. For the same exact reasons as above.
If you have assets that are likely to be taxed after your passing you should seek financial advice. There are many ways to spread out the liability that are perfectly legal. You don't want to leave any of your beneficiaries a big tax bill. You know the old saying, "There are only two things certain in life, death and taxes."
You should also review your will on a regular basis. Things change. People that you were close to and trusted 10 years ago when you originally wrote your will you may no longer feel the same about. Also your assets and overall life situation may have change over time. You may have been very independent at one point and are now in a structured elder care helpliving situation. You would want to make the proper adjustments to the document.
Don't be cheap. If you have substantial assets or a little bit more complicated living arrangement (ex-wives / husbands, step children, etc.), seek professional legal advice and don't do it yourself.
Finally, keep your will in a safe place that can be easily found. It sounds simple but it is very common for a person to create a will, put it in a safe place and then never tell anyone were it is. Upon their passing no one can find the will. No one being able to find the will is the same exact things as one never existing.
By following these simple steps you can put together a will that ensures your final wishes are followed.
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