The Dos and Don’ts of creating a will

Creating a will can seem like a daunting task, deciding what you want to leave for others can be hard. They are a few you should consider when creating a will and the first thing is the type of diction you use. Although it seems quite trivial, try and avoid using complicated words and sentences in your will. Be as clear as you possibly can so when you are not around it makes it easy for others to interpret your will. The last thing you want is for people forming their own interpretations on your will. Try keeping the legal jargon to a minimum and try to express you wishes in more layman’s terms. At the end of the day you will need to express your final wishes accurately.

Another thing to avoid is over complicated structure, as mentioned before you want to be as clear as possible so that your final wishes are executed properly. Drafting a simple will ensures that the transfer of assets to your heirs are done effectively and efficiently. Try to make the job of your executor as easy as possible. The last thing you want is to set up an extremely complicated trust. Allow some flexibility into your will, if you set up too many restrictions in the transfer of assets it could disadvantage your heirs greatly. Trusts are generally more complicated than wills.

Choosing your executor wisely is extremely important as this is the person that will handle your affairs once you have died. You don’t want someone who will make it difficult for your heirs to inherit your assets. If you don’t choose an executor then the matter will be left to a probate court judge. This is why it is essential to pick an executor who will work in the best interest of your loved ones. When drafting a will you generally can decide who gets what but that doesn’t absolve you of your duties to those who depend on you. You must put into consideration maintenance claims from your dependants or a surviving spouse.A good idea would be to ask your children what they would like to inherit from you. This will avoid a lot of unnecessary conflict between your family members oce you are gone. It is very important to include your will in your financial plan. Speak to a financial advisor and estate planner to let them know about the structure of your will, both these entities should be aware of each other’s work.

Lastly, do not neglect drafting your will. It is so important to set time aside, record your final wishes and how you want your estate handled once you have passed on. Not only that but drafting a proper will avoids conflict between family members once you have died. Dedicate time to carefully think of how you want things dealt with once you’ve passed. Being a parent or a spouse will require you to think for the future of your family long after you’ve passed. All your hard work is for their benefit and well-being so it is important that your children benefit from the fruits of your labour.

Bank of Mom & Dad

Bank of Mom & Dad See the table below for % of 21-39 year olds who have relied on parents financially since the start of