When you want to plan for your future, you need to look at a lot of possibilities. There are many things that can affect you and your family. And no one knows when you will have to pass on and leave your family for good. Before that happens, you have to make sure that they know what to do. And one of the things that you can do is by coming up with a comprehensive will and testament. It is part of estate planning, which is basically a means of managing your assets and determining who will get what in case something bad happens to you.
While you can certainly write your will on your own, there are some things that your lawyer should check before you sign the document. A lot of people also forget to include a number of important things in the will, which should not be the case. If your will has a loophole or missing provisions, expect that your family will get confused. Below are some of the things that you should not forget.
There are some people who forget to name an executor, thinking that their families can manage the division of the assets. But you should not be that trusting. You need to have someone that will see to it that the provisions of your will are followed. It is also the job of the executor to pay off your debts based on the arrangement that you want. When naming an executor, pick someone you can trust so much, and that does not automatically mean a family member.
You may not realize it, but maybe, you have more assets than you have imagined. A lot of people do not realize it, which causes them to not include these items in their will. You need to look into everything you have owned, including the new assets that you have just acquired. Not putting these things into your will may cause conflicts among your family members, especially concerning who will get these assets.
The Guardian of the Kids
When you have young children, you may want to safeguard their status and condition even after you pass on. This is why you have to find a guardian. Name them in your will. The guardians will look after your kids until they grow old and are already mature enough to receive and manage your assets. Again, pick someone that you trust wholeheartedly. It can be your siblings or even your best friends. You can always revise your will in case the situation changes.
The Funeral/Burial Arrangements
There are some people who are very specific when it comes to their funeral and burial. If you have special requests regarding your ceremony, you may want to write it down your will. For one, you can include in one provision that you want to have an eco funeral in the UK.
Writing down the will should make you look at different aspects. That way, you will be able to keep conflicts at bay.