Here is a cold hard truth: we are going to die someday. That is why it is important that we leave all of our assets to the people we care the most. It could be your best friend, it could be your immediate family, or it could be your wife and children. Basically, you want to impart all of the things that you own to them just as a safety precaution.
Anyway, to do this, you will need to hire a family attorney and have them create your last will and testament (sometimes referred to simply as “Will”). But, before you actually create the document, there are some important things that you need to think about first, which I will cover in today’s article.
Choosing the Beneficiaries
Whenever you die, your assets will be given to anyone that you have stipulated in your Will. Typically, the most common beneficiaries would be those that are familiar to you. This may include your children, your spouse, your immediate and extended families, your favorite charity, your best friend, etc.
In the event that you didn’t specify anyone in your will, your assets will generally go to your spouse (assuming that you are married). When you are remarried, you probably want your children to get the assets and not your new spouse. If that is the case, it is important that you put this into writing so that it will take effect (this is legally binding).
Aside from that, you have to be clear as to what property you wish to give to someone. So, for your eldest son, you give property A. For your youngest, you give property B, and so on.
Appointing a Legal Guardian
If you die and assuming that you were married, your spouse will basically get the legal custody of your children. If both of you die, then you have to state in your Will who you want to appoint as your children’s legal guardian.
As a rule of thumb, you want to state at least two people to be the suitable candidates for your children’s legal guardians. You also have to explain why you believe that they are fitting choices, explain their relationship to your children, as well as their moral and ethical fitness to take care of your children.
Your Personal Representative
Your Will can only be executed by a personal representative. It is important for you to consider that these so-called “executors” of your Will should be someone that you truly trust. You see, when you divvy up your assets to the different important people in your life, it could be quite problematic if you let them divide your assets by themselves. That is why having your own representative makes things so much easier, given that they will be the one to execute the things that are said on your Will.
Once you’re creating the document, being direct to the point and providing clear instructions should be followed at all times.