Five Tips on Creating Your Will
Let’s start from the basics. What is will? Well, will can be defined as a legal document wherein the testator legally declares who will get his estate or property after his demise. The property declared can be as minute as a small collection of photographs or as big as a vacation home. The person named to manage the will is known as the executor.
What happens if no will is made and the person dies?
In case the person concerned makes no will and there is an untimely demise. In such a case, the estate or the property will be divided according to the law of the state. The process of transferring any property the dead person is known as probate. As no executor is named, a judge is appointed by the administrator to take the decision of the state.
Here are some guiding tips on how to create a will :-
1. Is a lawyer better or DIY- Though there is always an option of DIY, getting a lawyer is a better option mainly because he knows about the legalities involved with making the will. Of course, decision to create a will, is entirely in your hands. If you are concerned with the cost, then you can opt out of the decision to hire a lawyer, but, if money is not a consideration, then creating a will is a safe and always a better option.
2. Select your beneficiaries- Do select your beneficiaries that is who are the person who are entitled to your property. There are places in the form where you can fill the name of the beneficiaries who will get your property. Selecting a beneficiary is no rocket science, unless and until you have a complicated family structure.
3. Do choose the executor of your will- After you are gone, there needs to be someone who will carry on the legal proceedings of the will. Such person is called an executor. Most of the time, it is the deceased person’s child or some near acquaintance.
4. Do choose upon the amount of compensation to be paid- If the executor is some near and dear ones, the amount of compensation can be on hourly basis on certain percentage of assets. If some legal advisor is fixed, the compensation can be 2 or 3% of the assets.