Writing a will is a vital step most individuals feel is quite unnecessary, especially if they don’t think they have enough material possessions. Yet, it is an essential document that can help take the burden of worry off your chest, for you won’t have to worry about your precious belongings getting into the wrong hands and putting your family in a difficult situation. It is needed to protect your family’s interests after your death, while they will already be dealing with the pain of your demise. About forty percent of people in the United States die without recording their wills, which leaves their families in quite a bit of trouble.
A Will identifies an executor of the Will. An executor is a person responsible for carrying out the terms of the Will according to your wishes. They also manage your estate after your death. A Will also identifies a guardian for any minors or dependents you have. It specifies who will get a share in your assets and if there is a share for charities. A Will, in the presence of a witness or witnesses, can either be orally recorded or recorded in the form of a legal document.
Accidents, Chronic Diseases, and Legal Solutions
It is vital to write your Will if you are suffering from a disease or an illness which could lead to your death. One of the main causes of death in the USA is cancer, and one of the worst types of incurable cancers is lung cancer and Mesothelioma. Mesothelioma is caused by inhaling asbestos fibers used in the construction industry. People who fall victim to Mesothelioma can get help from mesothelioma lawyers to claim compensation from the companies responsible for their condition. They can use the money they get for the treatment of the disease, or it can be distributed among the beneficiaries as financial help, according to the Will of the deceased.
The mortality rate in the USA is relatively high compared to other wealthy countries of the world due to a profusion of health factors, including obesity, suicide, infant deaths, and road accidents. Road accidents are unforeseen events, yet they can end a life instantly. In a road accident, based on who was responsible for the accident, families can file personal injury lawsuits to claim compensation for damages. However, a personal Will dividing your assets among your dependents or trust funds can ensure that your family remains secure.
What to remember and expect when writing a Will
Writing a Will is very crucial. The main consequence of not writing one is that your estate and property get distributed among the beneficiaries according to the state’s laws instead of your wishes. There are certain things you need to know and remember while you plan your Will.
- List your estate
The first step of writing a Will is to list everything in your possession. It includes properties that belong to you only, the ones you have a share in or own part of something. Other than that, the list should also include your physical belongings, such as cars, houses, jewelry, and a lot more. It may also have a detailed account of your debts, bank accounts, shares, and royalties.
- Who do you wish to write the Will for you?
You can write a will on your own. There are many online will-writing services that you can use, which either offer their services at a meager cost or free of charge. Hiring a legal attorney, on the other hand, might not be very cheap, but it is best if you hire one to write your Will.
The attorney will ensure that your Will is legally sound and that all the aspects stand up in the court of law. Attorney fees can vary depending upon your location, experience, and family needs.
- State your beneficiary
Beneficiaries are the people who are going to inherit your estate. If you want to distribute your estate among multiple beneficiaries, you need to list them in your Will and state how exactly you want them to share your estate.
While distributing cash is not a very big problem, the family heirlooms might cause disputes among the family members. It would help if you were very precise to avoid unnecessary hassle.
- Minors and Dependents
You are expected to declare guardians for children under eighteen and those who are financially dependent on you. That might include your spouse, elderly parents, or someone you are financially supporting. The executor will keep the amount and provisions from your estate to help them throughout their lives.
- Charity and Trusts
You can mention the details of the trusts and the charities in your Will. If you wish to set up trusts for your children or donate a part of your assets or some money to such organizations, then tell your family about this decision ahead of time.
- Choose your executors
Executors are the people who make sure that your estate is distributed among the beneficiaries according to your wish. They also have to ensure that all the taxes and debts you must pay are dealt with on time.
It is recommended to choose at least two people as your trustworthy executors. They can even be the beneficiaries. However, that might create a conflict of interest in the distribution of your assets. You can also designate your solicitors as executors. Your executor must know that you have chosen them to execute your Will after your death.
- Keep your will safe
Your Will should be kept very safe, and your attorney must know where it’s placed. A Safe in the house is the best place to keep your Will. Also, make sure to make copies of your signed Will, and distribute them among the executors of the Will.
- Your wishes for the funeral and burial
This last and heart-wrenching part of your Will must be addressed carefully if you have any special wishes for your funeral or if there is a specific place where you wish to be buried. In this part of the Will, you can include your choices if you want to be cremated or buried. There is a separate Will, called the Living Will, in which you can specify what kind of medical treatments and life support should or should not be administered if you cannot make those decisions for yourself.
Conclusion
Writing a will can be a very overwhelming task. The thought of giving up on everything and everyone is horrifying. Yet, it is the best step you can take for your family and the people you are responsible for.
Keeping all the points in mind, you can distribute your estate among the people according to your wish. It will distribute your assets according to your wishes and prevent delays in settling your estate. A written will is also helpful for the grieving family in avoiding the lengthy probate process and legal hassle after your demise.
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