Planning for death can be overwhelming. However, it is also important. Part of preparing for this can begin with writing a will. Here are ten beneficial tips to guide you towards creating the perfect will:
Choosing how to draw up your will
An important part of creating a will is how it is set up. While it is possible to create a will on your own at home, it can be favorable to enlist the help of an experienced attorney. In doing so, they can help guide you through the process to ensure you are creating a will that is right for you and your desires.
Choose an executor you trust
When an executor is appointed, they are responsible for handling your estate after your death. This is a crucial role, as they are required to take care of many demanding tasks that can involve a great amount of money in some cases. You should choose someone for the position that can be trusted to act in your best interest. It is important to also choose a back-up executor in the event that your original choice is unwilling or unable to complete the job.
If you are a parent who may leave behind children under the age of 18, it is crucial to specify a guardian for them. Otherwise, one can be appointed by the court.
Appoint reliable trustees
If you choose the set up a trust in your will, you may also need to appoint a trustee if your beneficiaries are under 18. This individual should be dependable to manage and invest money or look after property until the beneficiary can inherit it.
Make specific legacies
When leaving behind assets that have a significant value, you may wish to leave the items as a specific legacy to a designated beneficiary.
Leave a residual legacy
Residue refers to what is left of your estate after you specify any legacies. It is also important to designate where the residue should go, otherwise, you may die with partial intestacy in your will.
Save taxes with a trust
Estate plans often receive certain taxes on them for beneficiaries. When creating a will, there are different kinds of trusts that can be set up to relieve this financial burden from them.
Sign your will
When a will is created, it must be done following specific guidelines in order for it to be a legal document. This involves having you sign it in front of witnesses. A witness cannot be a beneficiary or a spouse to anyone within the document.
Store the document safely
Once a will is finished, storing it safely is very important to ensure it stays protected. This can be done by placing it in a storage facility where it cannot be damaged or lost. In the event of your death, your executor will be given a certificate that informs them where the will is stored and how to obtain it.
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Friedman Schuman is an experienced and dedicated legal resource for clients throughout Pennsylvania. We proudly serve clients facing a wide range of legal matters. If you require the services of an effective attorney, please contact Friedman Schuman today to schedule a consultation.