Everyone wants to leave a legacy. And while some people focus on the big picture, others are more concerned with how they can ensure that their children or other loved ones will be taken care of after they die. An excellent way to do this is by creating and executing a knockout will, which means doing things like deciding who should be your executor, what you want your funeral arrangements to look like, and what type of inheritance you would like for each person in your family tree. If you’re wondering about any of these things or just need help getting started with estate planning in general, then check out this blog post!
Choose an Executor Wisely
One of the most important aspects of any will is choosing your executor. This is the person responsible for ensuring that your wishes are carried out after you die, so it’s essential to choose someone you trust completely. The best way to do this is by asking the person outright if they would be willing and able to serve in that role, and then listening very carefully as they discuss their plans for handling your estate. If it sounds like everything will go smoothly, then give them the job!
Name Guardians for Your Children
If you have children and they’re not adults yet, then you’ll need to name guardians for them in your will. This is a significant decision, so you’ll want to think long and hard about who would be the best fit for the role. Ideally, you’ll choose someone who is already close to your children and whom they know and trust. It would help if you also made sure that these guardians are willing and able to take on the responsibility of caring for your children.
Leave Gifts in Your Will to People You Love
While it might be tempting to write everyone out of your will except for the closest people, this isn’t usually the best idea. Instead, it’s much better to include gifts and financial distributions in your estate plan for all of the people you love. This way, they’ll know that you were thinking of them even after you’re gone. Plus, it can be an excellent way to show your appreciation for all the good things they’ve done in your life.
Specify How You’d Like Your Assets Divided
You’ll also want to decide what you’d like your assets and other possessions to be divided into when it comes to estate planning. You can do this by specifying how many shares or units each person should receive and dividing up the items using those numbers as a guide. Again, this is an excellent way to ensure that everyone gets something out of your estate plan, even if they’re not the people who are inheriting your money.
Seek Professional Help
If you’re unsure of what to include in your will or how to go about executing it, seek professional help from an attorney. An estate planning attorney can help you create a choice tailored to your specific needs and ensure that it is appropriately executed. In addition, if a will is contested, a court may invalidate it if it is not performed according to local laws. For more information, you can read more here.
Store It Safely
Make sure you store your will in a safe place where it will be accessible after you die. You may also want to keep a list of significant numbers and details, such as bank account information and passwords.
Don’t Forget About Your Legacy
Last but certainly not least, a legacy can provide a lasting positive impact on your community. Just as you have spent time collecting memories and making accomplishments in life, so too should you do the same for those who follow after you. The world is a better place because of you and your family, so why not leave it even better for those who come after?
In conclusion, creating a will should not be taken lightly. The last thing you want is for your hard-earned property and assets to go into disrepair after you die because no one was there to handle it all properly. In addition, a will can be used to leave behind some powerful and positive legacies.
Margaret GallagherDecember 30, 2021
Thanks ! Had prior experience of a poorly executed will – caused major issues
claire woodsDecember 30, 2021
I don’t have one but maybe that should be a new year resolution to make a will.
Natalie CrossanDecember 31, 2021
Really need to get my will sorted, with limited family and her also having no siblings, I do worry!
ashleigh allanJanuary 11, 2022
Interesting point on Leave Gifts in Your Will to People You Love as tend to leave everything to one or two people
Jenny HarlowJanuary 14, 2022
Some really good points here thankyou. I have thought about doing a will now I have children but never know whens the best time to do one.
Claire fApril 26, 2022
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