Things to Consider when Creating a Will

 

Things to Consider when Creating a Will

A will is a legal document that specifies how your estate should be distributed after your death.. If you don’t have a will, you may be giving up substantial legal rights and privileges – it would be like driving without knowing what roads to take.

Here are essential things to consider when making/revising your will:

Who will be your executor?-If you don’t have a will, the court will appoint an administrator to manage your estate. You can choose anyone 18 or over (including yourself) who is mentally capable of administering your estate. So as you think about estate planning Orlando-based legal services, you should think carefully about who you want to take charge of your estate and any family members who could be in the running for the job.

Who will be your beneficiary?-Your beneficiaries are people who receive something from your estate in the event of your death (most commonly through inheriting part or all of your property). Include anyone who could need money after you die, and beneficiaries can include:

  • Your children, spouses, and dependent children.
  • Your parents, grandparents, and siblings.
  • Your children’s spouses or partners.
  • Your spouse, partner, or civil union partner.

What about your debts?-If you owe money to someone, this could cause a lot of conflict for your family after you die, especially if they don’t know about it. So make sure that you take care of any debts that you have outstanding and advise those who will inherit money from you to do the same.

Do you want money to go to charity?-If you make it clear in your will that you want money from your estate to go to charity, you can help ensure that a donation or gift goes where needed. You may also be helping those who have passed away by giving a legacy through your generosity.

It is always essential to ensure that your estate is secure and that everything runs smoothly after you die. If you have any doubts, you may want to get a consultation or an estate planning lawyer involved to help you with your will.