By: Laura Reginelli
Nowadays making a will seems like common sense, right? False. Only around half the population creates one prior to their death. So what does this mean for you? Although many go without them, start planning now to ensure that your estate is handled the way you intended. It’s even possible to create your own will if you choose to.
A will has several different, yet equally important parts. If you were to have small children at the time of your death, a will would designate who would be the legal guardian. Wills also specify how ones’ assets will be dispersed after passing away. By creating your own will you will be able to appoint executors who will follow out the wishes stated in your will.
An individual who passes away without making a will is known as an intestate. When one is an intestate, the reality of your estate being divided up may not exactly follow your intentions. It is possible that if you have a spouse that not all of your property will go directly to him or her. Instead, this is limited up to a certain amount.
In order to avoid becoming an intestate, make a will by either consulting a lawyer, solicitor or even yourself. From there you must include general information yourself and where you live, names of family members, spouses and beneficiaries, a list of your assets, names of guardians and executors and signatures from both yourself and witnesses.
All in all, it pays to plan ahead for the future of your estate and your assets.
Great article! Everyone should plan ahead because no one wants to become an intestate.
ReplyDelete-Janielle Viggiano