Nobody likes to think of their own death, let alone the people they leave behind in the aftermath. But even if it’s something you refuse to talk about, it’s coming whether you like it or not. This is why it is so essential to draft a will earlier than later. Everyone thinks that drafting a will is simply deciding who gets all your stuff when you pass away. They could not be more wrong. Drafting a well-established will can take a lot of time and a lot of patience, depending on the extent of the owner’s estate. It only makes sense that the more items and assets an individual owns, the longer their will should be. But drafting a will is so much more than deciding who gets what.
When it comes to drafting a will, there is an assortment of things to take into consideration before taking any first steps. From understanding the extent of a will to deciding when you need to draft one, there are various decisions that should be made before taking the first step in preparing your personal will. Here’s everything you need to know before drafting your own will.
When You Need A Will
What encapsulates a life? Is it the memories we make with one another? Or the events that shape us into the individuals we are today? Every day we wake up to find our lives changing right in front of us. From getting married to holding our first child in our hands, every day brings forward something new. This is why the need for a will changes from day to day. For example, a new father of twins is in more need of a will than, say, a recent high-school graduate. Understanding when you need to draft a will is the first step you should take. The whole point of a will is to decide who gets your assets after your passing. So why would you need a will at sixteen when you barely have five dollars left over from your allowance? Deciding when you need to draft a will is the first step you should take when it comes to your estate planning.
Choosing An Executor
No, we’re not talking about someone to take you out when you begin to forget your own name. An executor, also known as a trustee, is the individual who fulfills the instructions from your will. While there can be multiple trustees, it’s usually a good idea to keep the process simple by only appointing a single executor. It’s important to carefully consider a handful of candidates before appointing a single trustee. You need someone who is diplomatic and calm, someone that you can trust to fulfill your final wishes completely. Whether it be a close friend, family member, or next of kin, whoever you choose as your executor needs to be trustworthy and up to the challenge of fulfilling the requirements of your will.
Appointing A Guardian
One of the main reasons someone drafts a will is to ensure their children’s safety and care in case of their untimely passing. One of the most important decisions a person makes when it comes to their children’s care is appointing a guardian for their children. A guardian is an individual who will take care of your children until they turn eighteen. This decision should not be considered lightly and needs a lot of thought and consideration before a final decision is made. As a trustee, you should consider people you trust and who are already close to you and your children.