Preparing Your Last Will and Testmament
Does the topic of a last will and testament mortify you? However, as parents, it is a subject that we could not avoid and should be discussed with your spouse early on.
Well, thinking of death can be morbid, more so if you have to prepare your last will and testament deposing all your properties to your next of kin. But as parents, we need to do this. We do not know when we will go and leave our physical bodies to join our Creator. And we do not want to leave our children at a total loss when we are no longer here to guide them.
Additionally, creating a will is something that every person should do. That is because when we pass away, our estate can remain in limbo for years because family members may fight over each thing that we have left behind. We do not want that to happen, right? We do not want our family divided because of the things that we have left behind. After all, like us, most parents have set aside some things that we would like to pass on to our children. It could be insurance policies, money, investments, existing businesses, or property.
Having a will that you file ahead of time lets you determine who gets what and stops some of those arguments. In addition to working with a lawyer to write and file your will, you’ll want to consider some key things as you put your wishes down on paper.
Those Who Inherit Nothing
One of the heaviest things you should consider when writing your will is whether there is anyone in your life who does not deserve any part of your estate. If you simply leave that person out of your will, the individual can argue that you simply forgot about him or her. To avoid arguments and contests, you actually need to mention that person by name.
There are two different things that you can do. You can list that individual’s name and explain your reasons for leaving the person with nothing, or you can list that person’s name and leave him or her with something basic. After all, that is your prerogative.
Any Property You Own
Any property that you own becomes part of your estate when you pass away. If you still owe money on that property, the bank that holds your mortgage can request that someone else take over the loan or foreclose on the property and sell it at auction.
Many people looking at how to get rid of a timeshare legally are those who own a timeshare that their kids won’t be able to use. They want to know how to sell off that property before they die or what to do about the property in a will. Selling your timeshare before you pass away keeps your kids from feeling stuck with that piece of property.
Many people have a few key things that they want specific people to inherit. You might have some jewelry or other heirlooms passed down through your family line, but you may also have sports memorabilia, guns, and other expensive items that you want to bequeath to select individuals, too.
When writing your will, make a list of those items and the names of each person who gets each thing. This reduces the argument among loved ones over your belongings. While creating a will is a smart thing to do, you need to consider property and specific belongings when creating yours.
You had been a good steward of your resources when you were alive. Continue that legacy even when you have left.