How To Write A Will

When you ask the question "How to write a Will?", you are actually thinking how should I go about the whole Will writing process. If this if the first Will you are writing, very likely you won't know where to start and how about should you go about writing your Will.

We aim to help you think about this so that by the time you decide to visit a lawyers office, you have a good idea what instructions to give to the lawyer or the person writing your Will.

Let's get started on How To Write A Will. If you are not familiar with the legal jargon, here is a brief explanation on will writing terms. The steps are here.

1. Choose an Executor and Trustee.

2. Choose Guardians if you have minor children.

3. Choose your Beneficiaries.

For all the above persons, you'll need some form of identity, whether it be their identity card number, passport or driver's license.

1. Choosing an executor

For most people, when it comes to writing a Will, they start to list down their assets. It is an important step but not the most important. The most important step, is deciding who your executor is going to be. Your executor is the person who will carry out the instructions that you have written in your Will. If you choose the wrong person, a person without the necessary knowledge or is not trustworthy, then your estate can be mis-managed, resulting in less assets going to your chosen beneficiaries.

Also your executor might not have the time to handle the affairs when you passed away. If your executor choose not to be the executor at the time of your death, then what happens is an administrator will be appointed by the court. The criteria for choosing an executor includes (but not limited to ) his or her age, knowledge, available time and trust worthiness.

Why is age a criteria? If a person is much older than you, when you pass away, they might predecease you leaving you with no executor! Even if they ar still alive, would you want them to do all the running about getting your estate sorted out.

You can also select corporate executor and trustees. The executors role is important to testator but for the executor, he or she does a lot of running around to gather all the necessary information, documents and calling in of assets. It is time consuming and involves a lot of hassle. Selecting a corporation as executor and trustee means you'll get a company who specializes in handling estate administration. They do it for a fee.

When should you use a corporate executor? When your estate is subtantial, if your spouse is a high income earner or does business and their time is more valuable than paying some fees. Lastly, if you are not sure you can trust anyone to be your executor, then a corporate executor is the best choice.

2. Selecting guardians.

If you have children, then you must choose your guardian. Have a back-up person in case the first guardian is unable to care for your children later on or move to another country or for any significant change. Also consider the person whether they can be good parents to your children. Look at the number of children they already have. If your closest relative have 4 chilren, can they care for another 3? It might not be feasible to give attention to so many children.

3. Beneficiaries.

This can be easy for most people. Generally you'd like to have your immediate family be beneficiaries of your estate. However, if for any reason, you prefer anyone not to get any of your estate, you can do so. You'll have to state a reason, otherwise they can contest your Will. You can also give a portion of your estate to charities or friends, actually anyone you choose.

Listing of assets.

The next item on "How to Write a Will" is to prepare a list of major assets. This includes your home, any investment property, land, you vehicles, bank accounts, shares, insurance, retirement funds, other investments, and anything of value. Most people won't miss anything with their name on it but double check just to make sure. Beside "large" items, list down any valuable things like jewellar, paintings and any items of sentimental value.

Decide Who Gets What.

This depends on individuals. Some people give everything to their spouse. So that is straightforward. Others choose a percentage. The rule to remember is for things that is hard to divide, it is better to give to 1 or 2 person. Otherwise it can be hard for them to dispose of it later on and this can cause of family fueds. For items like cash and shares, you can divide these equally or percentage wise.

Be specific because any ambiguity will likely cause your Will to be contested. You want to rest in peace and not want family members curse you for causing fueds, right.

Power of Trustees

Consider also the power of trustees. Without specifying their powers, they could be limited in what they can and cannot do. Most people overlook this especially when they try to write a Will themselves. It can cause a dificulties especially when minor children are involved and if you and your spouse were to die at the same time.

Keeping the Will safe

Most people don't think of this last step. If your Will cannot be located, then it is as good as you have not drawn your Will. There are Will custody services available today that are quite affordable. Consider using such services to ensure your Will is not lost, accidentally or willfully destroyed.