Writing a will helps give you peace of mind that your property, assets, and possessions will be divided according to your desires. Even so, writing a will is a task that is often put off until later. Almost everyone will acknowledge that writing a will can be emotionally challenging. But it doesn’t have to be a tedious and expensive task.
Many services can help you create a very straightforward and uncomplicated online will. The validity of a will depends mainly on the execution of the will. If the will is executed properly it remains valid. But what are the steps you need to take before you can start looking for services online to write your will?
Identify and List Your Assets
Before you can decide on who gets what, you need to know what will be divided. Create a list of all of your assets, to make sure you don’t overlook any of your belongings. Begin with monetary assets, this includes money in your bank accounts. Make sure you include all of your checking, savings, and business accounts.
Next, take inventory of all of the property you own. Try to include the home you own, as well as any land, or any other kind of real estate property. Also take into account any cars, boats, artwork, or family valuables. You can also wish to include any valuable furniture on the list.
When you inventory your assets make sure you include any benefits that you will get from your life insurance policies. Also, take into account any loans you have given any of your friends or coworkers.
Nominating Beneficiaries for Assets
A beneficiary is anyone who will gain access to any of your resources in the event of your demise. A beneficiary could be a friend, spouse, sibling, relative, or it could even be an organization. Make sure you are explicitly clear on specifically who gets precisely what.
Anyone could be a beneficiary as long as they are not the witness to the signing of your will. A witness of a will cannot also be a beneficiary in the same will.
Designating an Executor
An executor is a person or organization that will make sure that your will executes according to your instructions. It becomes the responsibility of the executor to enlist your assets when you are no longer in this world. The executor will also pay off any pending loans, taxes, or debts that are in your name.
You can choose to designate a friend, coworker, or trusted organization to be the executor of your will. Whoever you select, make sure that they are aware of their responsibilities in advance.
Selecting a Safe Place to Put Your Will
Print out your will once you have completed it. The will needs to be signed in the presence of witnesses for it to become a valid document. You can choose to reposit the will in a safe or a locker in a safe place. Make sure you inform a close relative or dependable friend on the whereabouts of your will and how to access it.