To say that people do not like talking about composing their last will and testament documents is a reasonable assessment. But for preparing what lies ahead in the future, it is necessary to know what it contains and what it does once the owner of the will passes away.
A will or a testament is any legal declaration of a person to name another person to manage or take care of the writer's estate or wealth upon his death. It also marks the transfer of wealth or estate to the person or people indicated in a will.
Here's a short guide to help you create your own will:
Step 1 Decide on What Property You Should Include
Choose your important assets. Make sure to include properties or estates that you personally own. Take note that properties that you don't own entirely or have given to trust or other beneficiaries are out of a will's power to enact.
Step 2 Choose the Person Who Will Receive Your Property
Choosing the people who will inherit your properties is easy, unless you plan to leave out your children or spouse out of your will. Make sure to indicate an alternative beneficiary of your property, in case your initial choice doesn't survive.
Step 3 Assign a Person responsible for of Your Will
You have to name someone who will enact the will once you're gone. This person will then be responsible to execute your will according to what you've written in it. Make sure that the person you choose is willing to serve you and that the job doesn't come as a surprise for him or her.
Step 4 Name a Guardian of Your Children
If you have children who are below the legal age, you have to assign a guardian for them. The guardian will take care of your children and property, until they reach the legal age.
- Make sure that you sign your will in front of witnesses.
- Store your will properly. Make sure the person responsible for your will knows where you stored it.
- Use your personal letterhead for documentation purposes.