A will is a written document in which a person mentions the distribution of his assets after his demise. It might be a little terrifying for you to think on those lines, but it is a fact of life, so it is better if you deal with things more practically. A New Jersey estate planning lawyer can help you make a will. But in this blog, too, you will read how to write a will.
Find an estate planning lawyer.
An estate planning lawyer knows the nook and corner of laws related to estate planning and can guide you better. So hiring a lawyer is crucial as he will tell you things with his practical experience which you can’t find in books or the internet.
Beneficiaries are individuals who will receive your assets after your demise. You may choose your spouse, children, non-profit organization, or trust. If your child is a minor, you may choose to set up a condition that he will get those assets when he completes his graduation or 18 years above.
An executor is a person who implements what is written in the will. He will gather all the deceased’s assets, pay off debts (if any), and then divide the remaining assets as per the statement of will.
Choose a guardian for your children.
It is essential that you choose a guardian for your children and you need not take permission before keeping anyone as guardian for your children. However, it is good to keep multiple guardians to cater to a situation where the other person is unwilling or can’t execute his guardianship.
Be specific and realistic.
Try to be realistic while drafting a will. Also, be very specific about who gets what and how much they get.
Attach a letter
You may add a letter that mentions your wishes. You may write a message for your loved ones in that letter to explain everything that you want to tell after your demise.
Put your signature
Sign your will and keep it in a safe place. You may update your will again as and when required.
Will is an essential document because, after all, it is the distribution of your hard-earned money and assets. So make sure you do that wisely and do it in time. Please don’t make decisions solely based on emotions.