Will FAQs
A will is a document that details your property division wishes once you die. Most people do not comprehend the will writing and execution process. Below are some will FAQs to improve your comprehension of the estate division process.
How Do You Write A Will?
A will is a document explaining how to bequeath your property after death. The best approach to the will preparation process is hiring a wills and estates lawyer. The professional can help with the following:
- Assessing and appraising your estate to establish your net value.
- Transfer joint property to your name to ensure beneficiaries have an easy time bequeathing the property.
- Checking the document wording to ensure the will does not contain contradictions.
- Helping set up trusts for beneficiaries and charities.
- Amending the document to reflect your current financial situation.
- Ensuring the will meets the required legal criteria. For instance, they could have the will notarised or verified as an official copy to prevent incidences of duplicate and fake wills.
Who Is The Executor?
The executor is a trusted individual who manages your property from when you die to when beneficiaries receive their inheritance. Ideally, the executor can help with probate, pays estate debts and prepares property transfer paperwork. You must be cautious when appointing an executor. Remember, an unscrupulous executor could mismanage your property during probate. For the best approach, you should appoint at least two executors. This way, beneficiaries have an easy time executing the will if the primary executor is unavailable.
Can Someone Dispute The Will?
Unfortunately, your beneficiaries can dispute the will. The best approach is to take interventions to prevent will disputes in the future. For instance, you could include an explanation letter explaining the rationale behind your estate division process. This way, your beneficiaries cannot contest the will if they feel you are unfair. You should also include all your dependents in the will. Remember, kids from a previous marriage or dependent relatives could claim that you have a legal obligation to provide for their needs. Beneficiaries could dispute a will if you have more than one will. In that case, you should destroy or revoke your previous will once you create a new will. You could also include a no-contest clause that prevents anyone from disputing the document.
The above tips should help you as you write a will. Remember to vet your wills and estates lawyer to ensure your will serves your interests and meets the required legal criteria. Reach out to a local law firm to learn more about wills.