People often experience anxiety while drafting a will. However, a will is an integral part of estate planning and it’s important to make one so that you know your personal assets go to your desired beneficiaries.
Who can prepare a will?
Many people believe that only rich and older adults can plan their estate or will. However, it is entirely untrue. If you check the following requirements, you are eligible to draft a will.
- You are above the age of 18 years.
- You are a house or property owner.
- You own a business
- You have saved up money or have investments.
- You have kids or other people dependent on you.
If anyone fulfills these requirements, they are eligible to write their will. If you do not plan your estate properly, the court will decide on your behalf after your death.
Steps involved in the creation of a will
Collect all your assets and decide what your final wishes are. These assets include real estate and personal properties like businesses, stocks, or bonds. It can also include patented copyright or savings in banks. Other assets like car jewelry, artwork, etc., are also included in wills. After gathering what you want to leave in your will, make sure to write down the list of beneficiaries. You can also include how you wish your funeral or memorial to be executed in the will so that your final wishes can be honored better.
Digital Assets
While planning your estate, do not forget your digital assets. Make sure to plan the handling of your digital property after your death. This can include online accounts or access to your computers, laptops, or mobile phones. Digital assets can consist of email accounts as well as social media accounts. E-banking accounts and E-wallets are also considered online assets. Make sure to prepare an inventory of your digital estate and add instructions regarding how you would like them to be handled after your death. For efficient management, make sure to hire a digital executor so that your wishes are correctly fulfilled. Try to make sure that your estate plan is legally binding so that the law recognizes it and no one can go against your wishes.
During preparation, make sure that you have all the necessary documents required. Typical documents requires include a birth certificate, license, marriage/divorce certificate (if applicable), property deed, mortgage paperwork, insurance policy-related documents, etc. Also, gather a list of all your past bank account numbers, phone numbers, and addresses to ensure accuracy.
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