Future Planning | 3 Factors To Consider When Getting Your Will Ready
Posted on: 19 December 2016
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Making a will is a smart way to divide your assets without creating any confusion amongst your loved ones later. If you're planning to get your will ready in anticipation of an unlikely situation, you'll need to consider these factors to ensure that the interests of you and your family are well protected even if you're not around.
Who Will Get Custody Of Any Dependents?
If you're a single parent with small children or dependents, then you'll likely need to appoint someone in writing to get custody of them. In the absence of this written documentation, you'll leave the decision up to the court of law, which can compromise the interests of your children. Before appointing someone as the guardian, you may want to discuss the situation with them so that they are on board with your wishes. You will need to explain the relationship and why you have chosen them as custodians of your children when writing your will.
Have You Listed All Your Assets –– Financial And Personal?
One of the biggest causes of family disputes is property; so make sure you list down all your assets to avoid any confusion and misunderstandings in the event of your unfortunate demise. Your assets will include everything from property and investments to art, jewellery, cars and antiques. Listing them down and bequeathing them in writing to your heirs will help to eliminate any fights in the future. Be clear about all your financial and personal assets along with details of beneficiaries for each of them to enable seamless execution of your will later.
Have You Given All Sensitive Information To Your Heirs Or Will Executor?
Sensitive information like passwords to bank and investment accounts or PIN numbers for credit and debit cards should be included as part of your will planning to ensure that your heirs are able to access your assets easily in the event of your ill-fated demise. If you need to pass on other sensitive information like child support payments, mortgage payments and other details, make sure you list them down to ensure that your wishes are executed even after your lifetime. For instance, if you make payments to an estranged spouse, then listing down this information will help it get executed without any difficulties. You can make changes when needed to add more information to your will.
Getting your will ready takes careful consideration and planning. Consider hiring a professional attorney to help you draft a will that prevents any misunderstandings amongst your heirs later.