Furthermore, it must name an executor who will settle your estate according to the terms of your will. Your will is an important legal document primarily used to detail how your property and estate assets are distributed when you pass away. While will writing services are available, you can always choose to prepare one yourself.
While this part of planning for the future isn’t as fun as setting up that next dream vacation, it’s definitely a task that’s worth its weight in gold. After you sign the new document, be sure to securely get rid of your old one (I’d run that thing through the shredder). And if you gave copies to anyone else, be sure you’re the one who shreds those too. That’s the only way to guarantee there won’t be any confusion over which one is the right will. You could leave an equal percentage or set dollar amount to each of your children. And there could even be special items you want to leave to certain people—like the vintage dresses your daughter used to play dress-up (without permission).
A Will can also make provision for dealing with leaving assets to minor children. You may need to appoint trustees to control the assets until the children are old enough to receive them. Once you have taken the important step of deciding that you must tackle the issue of writing a Will, you need to decide how you are going to do it. It is very difficult to include foreign assets in a standard Will. Foreign assets are likely to be subject to the probate and inheritance laws of that country. Your Executor may have to be granted authority to act in the foreign jurisdiction and your Will may not be accepted in that jurisdiction.
This will help ensure that family members are aware that a Will exists, and so that they can access it in the case of your passing. This should be someone who you absolutely trust to carry out your wishes.
Make a list of your items for gifting purposes
Read more about will template word document here.
DIY Will Pros and Cons
In the creation, administration and distribution of your estate, there is no requirement for a lawyer to be involved in any way or at any time. This money then comes out of the estate and reduces the amount your beneficiaries receive. If an executor is a beneficiary, they usually can’t claim a fee, even if you’ve only left them a small amount or gift. An executor should be someone you trust a great deal to carry out your wishes and make decisions where necessary. Executors have a legal duty to always deal with your estate in the best interests of the beneficiaries and to protect the assets of the estate. If your executor is a beneficiary, they have a greater interest in ensuring your estate is looked after and distributed properly.
Do I need a lawyer to create a will?
You can create your own with the help of an online estate planning service for an average fee of $160—much lower than the cost of an estate planning attorney, which can cost hundreds of dollars per hour. Below, you’ll find a general step-by-step guide on how to file a Will without a lawyer. Although the steps may vary slightly depending on the service provider, the basic components of a Will are the same, regardless of whether it’s online or through a traditional attorney. By preparing in advance, you’ll save yourself time and trouble. When you go to make your will online, you won’t have to scramble for information when prompted.
To die without a Will is irresponsible and places a tremendousburden on your survivors. However,USLegalWills.comwill also allow you to create quite complex Willsthat will require a great deal more thought and consideration. In thiscase we would also recommend that you have the Will reviewed by a professionallawyer, which will be a longer overall process, but can still be doneconveniently from our website.
