Not something you fancy thinking about, huh? but you know it’s necessary and will untie loads of knots just in case the worst happens. But then, where do you begin & do you have anything of value to go into one anyway?
Well, we have done all the thinking for you…this is what a Will it is all about.
A Will is the legal document that sets forth your wishes regarding the distribution of your property and/or the care of minor children, once you die.
Why do you need to create one?
- To be able to have sole discretion over the distribution of your assets
To provide for minor children in your care
To minimizes tensions between survivors
To leave assets for charity
Not convinced…then this is what will happen after you know…
This means you die intestate, and the courts have to be involved to oversee distribution of your assets.
- Minor children in your care may not receive that which you may prefer they receive on your demise.
- It will potentially cause a conflict within the family.
So…what should you include in one?
Anything and everything you own other than the following:
Life insurance payouts
Joint assets with survivourship rights (joint tenancies)
Investment accounts that are designated as transfer on death.
And finally what will you need to create one:
List of your assets
- List of your debts
- 2 Witnesses who will not benefit from the Will.
- An Executor/Personal Representative who will be in charge of overseeing the distribution of your assets
- A Trustee to be in charge of any trusts you create. The Executor and Trustee can be the same person.