Unlock the Secrets: 6 Essential Steps to Drafting Your Will

Your will is the document that ensures that your entire life up until your death is passed on to those who you believe are most deserving of it. It outlines how your whole estate and wealth will be partitioned up and distributed according to your wishes, and as such, it is a vital document regardless of age or current health. However, for those who have never attempted to craft a will before, the process can be a little more fiendish than you might imagine. This article aims to demystify the process and get you on the right track so that when the time comes to pass your life’s work onto your family, friends, or whomever you want to receive it, you will be ready to create something that is legally binding and ensures zero confusion or arguments among those you hold dear when your days among the living are over.

Consult With An Estate Attorney

Crafting a final will and testament can be much more complex than you first give it credit for. Most people believe that all that’s required is to make a basic list of your assets and then assign beneficiaries before calling it a day. We hate to be the bearer of bad news, but it is a much more involved process than this, particularly if you want to make it fly legal to avoid conflicts among family members after you’ve gone. This probate lawyer in Detroit, MI, states that if you die without having a will to your name, you risk having your estate chopped up according to state law, which is fine if you don’t have anything of value but terrible news if you have built up a lifetime of wealth and want it to be correctly split up among those who you love and care for. An estate attorney will assist you with creating a will that is set up in such a way as to be legally binding and ensures that only those who you specify will become the recipients based on the distribution percentage you state. For example, most people are inclined to believe that all that is required is to say you want your estate split between your children. However, this ignores the fact of what happens if your estate is varied and complex and includes investments like real estate, business ownership, and financial derivatives such as company shares, etc. it can quickly become far more complicated to split things nicely and evenly when there are many different company to bear in mind. An attorney well-versed in this sector of the law will help you craft the will in such a way that there can be no ambiguity (unless that is what you want) and ensure that none of your estates is given away to those you would rather not receive anything.

Organize Your Assets And Debts

If you want to ensure complete organization, you really need to keep track of what you own and who you owe money to. The more detailed you can make this process, the easier it will become to generate a solid will. While some debts will be automatically canceled upon your death, others won’t be and, as such, must be included and specified as to who will take up the responsibility to repay them. In most cases, this will involve debt among private parties, but by not including a component of how they will be repaid, they may be entitled to sue those who have been named in your will in order to reclaim what they’re owed. This could cause significant stress to all parties involved, making it much better to include these points in your will from the get-go. Aside from your debts, you should list your assets so you will know precisely what you own and, therefore, who you want to give them to. The more detailed you make this part, the better, as it will make the entire process of distributing your estate far less convoluted. 

Include Digital Assets And Passwords

Modern problems call for modern solutions, and in our almost exclusively digital age, most of your assets will be online behind some kind of password protection. While you are alive, this is great, but if you neglect to inform your next of kin of your passwords, you risk cutting them out from your various investments. While disclosing your social media login credentials isn’t strictly necessary or relevant, it is important to include banking and other financial and estate-related passwords to expedite the process. 

Prepare Funeral And Burial Wishes

If you have specific burial requirements, you’d best note them down. This could include specifically the amount you want to attribute to your funeral, so your family isn’t out of pocket having to cover the costs to ensure any religious requirements are met vis-a-vis burial, etc. By letting those listed in your will know how you want to be buried, it is far more likely your wishes will be fulfilled. Even if you don’t care how your body is treated once you have passed away, you should note this down. The less ambiguity, the better. Moreover, if you want your body given to science or your organs donated, it’s prudent to also include these details. 

Review And Update Periodically As Life Changes

Life can change, and those you once loved may no longer hold the keys to your heart. In more extreme cases, those you previously included in your will may have passed away themselves. When these things happen, and you haven’t updated your will accordingly, you will make it much more difficult for the beneficiaries to deal with your affairs. Instead, you should periodically check what you have previously created and update as things stand at that moment. 

Ensure Your Loved Ones Have The Most Up To Date Copies

It’s never easy discussing your death with those you love, but it is a necessary task when it comes to your will. When you keep your beneficiaries or legal executors in the loop with your wishes, you ensure that things will go smoothly and nothing will be left to fate. 

Creating a will is a little more complex than you might first imagine, and even if you have some experience, it is always worthwhile to hire an estate attorney to assist you. As long as you put in the effort to list your assets and craft an amenable will, there will be no argument among your family concerning who gets what and in what percentage.

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