Preparing a will is intimidating, and one always requires legal help before doing so. However, being your will and testament, you need to be sure of your decision-making skills. Try not to take it as an extreme legal action but rather an impersonal decision you make upon analyzing every aspect.
In this excerpt below, we will be discussing some of the important points you should consider when making a will.
Think About Minor Succession
If you have children in the family and you fear their property could be mishandled. Therefore, when you make your very first will, always mention a guardian to handle the asset before the minors come to age. This ensures that your children get the rightful amount once they are old enough to inherit.
Think About Intellectual & Digital Property As Well
Do not just think about just your financial succession, real estate, and business. Intellectual properties matter the same, especially if you have a patented work; you have to ensure it is not being exploited after you’re gone. When living digitally, assets saved in your cloud also matter. Plus, your socials and their passport also need a successor to ensure there is no cybercrime committed with them.
Collect The Right Documents
Here are some of the documents you will need to testify your identity before making a will.
Birth certificates.
- Marriage licenses in case you are leaving something for your spouse. Or a divorce certificate.
- Documents to all the real estate or property you own.
- Mortgage or multiple mortgages and bank statements regarding any property. You can call estate planning attorneys in Dubai before making this decision.
- Insurance policy information, when you are deciding succession about your current insurance, providing those insurance papers as proof is important.
- List all of your bank accounts. Most importantly, account numbers and handing over confidential passwords.
- Investment portfolio or information to save in terms of gold or bond investments.
- Funeral plans or burial plot information, if you have any specifications.
Number and name of acquaintances and witnesses. These are some of the names and numbers you should be adding to your will.
- Lawyer.
- CPA or accountant.
- Banker.
- Financial advisor.
- Insurance agent.
- Tax Consultant.
- Name of Charity holder (if you give to any).
- Witness the testament (if you have crafted your will without a financial advisor).
- Name of guardians who will be handling the asset for any minor.
- Business partners for a business succession testament.
Sometimes you can even video record your will and testament and hand it to your lawyer. This makes your will even more credible.
Fulfill The Essential Requirements Before Signing Your Will
Wherever you find yourself signing the will, ensure to adhere to the necessary protocols of the state or country.
Different Types Of Will You Can Make
Privileged Will: Often made by ex-soldiers, war generals, or who have fought in a war previously, marine and air force officials. It does not entail a lot of legal formalities and is easier to issue.
Unprivileged Will: All the other kinds of will are called unprivileged will. However, the legal grip is a little stronger in these cases since people can exploit the terms and conditions and try to find loopholes.
What Are The Essentials Of Making A Will
These are some of the essential documents one should have in a will.
Remember, your written and signed will be taken as a legal document to be presented in court. (if the situation calls for it). Therefore, consider each well as your last, and craft it carefully.
Your last will and testimonial is taken as a statement of intention.
The declaration must include instructions on how you wish your property to be disposed of.
You can alter the will throughout your lifetime as many times as you want.
Whenever you are writing your will, ensure it is handwritten. Plus, you need to include two witnesses’ signatures alongside yours.
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