Dear Reader,
Estate planning is crucial, and a key component of that is your will and testament. This legal document outlines how your assets will be distributed after your death and names an executor to manage your estate until all assets are distributed. It's vital for guiding probate courts on settling your estate.
Creating a will might seem daunting at first, but here are some straightforward steps to help you get started:
Steps to Create a Will
Determine Your Needs: Assess if a simple will suffices or if you need a more complex estate planning document.
Inventory Your Assets: List all your assets, including real estate, bank accounts, investments, personal property, and digital assets.
Choose Your Beneficiaries: Decide who will inherit your assets. This can include family members, friends, or charities.
Select an Executor: Choose a trusted person to execute your will. This individual will manage your estate, pay debts, and distribute assets according to your wishes.
Appoint Guardians for Minor Children: If you have minor children, appoint a guardian who will care for them if you pass away.
Draft Your Will: Contact a lawyer to help you draft your will. Ensure it includes your personal information, an inventory of your assets, your beneficiaries, the executor, and guardians for your children.
Sign Your Will: In most jurisdictions, you need to sign your will in the presence of at least two witnesses who are not beneficiaries. Make sure your witnesses also sign the document.
Store Your Will Safely: Keep your will in a secure place where it can be easily accessed after your death. Inform your executor and trusted family members where it is stored.
Review and Update Your Will Regularly: Life changes such as marriage, divorce, the birth of a child, or acquiring significant assets may necessitate updates to your will. Review your will every few years and update it as necessary.
Communicate Your Wishes: Discuss your wishes with your beneficiaries and executor to ensure they understand and respect your decisions. This can help prevent disputes after your death.
A well-prepared will and testament is a cornerstone of effective estate planning. It ensures that your assets are distributed according to your wishes and provides clear instructions to the probate court and your appointed executor. If you have any questions about your will and testament or need help creating one from scratch, contact us at admin@lawrooted.com.
Best,
Etinosa Ogbomo
Contributor, Law Rooted
