Wills are commonly known as the centerpiece of an estate plan giving people the opportunity to direct how their property shall be divided and who becomes the beneficiary after the owner dies. Anyone can create a will on their own but there are significant assets or a sophisticated plan for dividing the property, you can pay a lawyer to draft one for you. Either way, it is still money well spent. When drafting a will, the omission of some things can lead to endless family battles once you are dead. This is because some crucial things must be in a will whatever comes may. Here are the top five things that should not miss out in your will.
Names of Beneficiaries
When writing a will, this is something you don’t want to miss out for the well-being of those you will leave behind. In most cases, the assets of the deceased are left to family members but in some cases, one may choose to include friends, business associates or even organizations. It is for this reason that you must have a list of the beneficiaries to avoid any domestic violence once you are long gone.
Name of the Executor
Although they rarely occur, there are cases where wills are not carried out as the deceased had requested. To avoid this, it is important to include the name of the executor or personal representative who will be responsible for ensuring that everything in the will is carried out as written including the division of property and to whom it will be issued to. Besides, it is important to have an alternative just in case your first choice executor is not willing or able to act.
A List of Alternate Beneficiaries
More often than not, many people fashion their wills with the assumption that the beneficiaries named in the will shall live to inherit the property specified by them only to pass on even before the owner. A thoughtful will should provide for the next course of action in the event that the beneficiaries do not live to take the property specified by them. This can include naming a backup client or making it clear that the person’s children can take the property.
The Directions on Dividing Personal Assets
If you want your assets or property divided among your children, charities or other beneficiaries, the will should give a precise description of everything included in the pool. The will should stipulate whether all assets should be taken directly by the recipients or be sold and the value shared among the beneficiaries according to a certain percentage or equally.
Specify how Taxes, Expenses and Debts Should Be Paid
Many people die even before they reach their retirement age meaning that they could probably have accumulated some expenditures and debts. When writing a will, be sure to include how all financial expenses, inheritance taxes and debts should be settled. In this case, a particular source like a bank account can be tagged to cater for such costs.