A will is generally a document which incorporates the process of handling assets of one person. It is written by a person during his/her lifetime. A will can be one of the most important document one will write or sign in his/her life. It is a representation of all the wishes and decision regarding the division or the assets one has. A will can also be decisive for the children of the demised. The children who are not old enough to take their own decisions need to have a guardian or trustee appointed and a will can clarify who would be responsible for them.
There is a personal representative allocated in the will who carries out all the tasks that is written in the will, people choose their representative while writing the will. There are many other things that can be listed down in a will but there are some important points that can help anyone write down a well thought will.
Firstly, it is essential that professional help is sought before writing a will. Most people think that it is very easy to write a will and it just gets implemented as it is. It turns out that every locality has different laws that apply the will differently. Making a will without any help could lead to problems for the people the will is written out to. Consulting a lawyer and drafting your will not only smooth the process but it will eliminate any possible problems with the management of the assets.
Secondly, listing down assets could be tricky in many cases. These days we just don’t have typical assets like land and machinery. There are many intangible assets which are difficult to price and transfer. Listing down the assets accurately is an important element of a will, this will help in figuring out how to transfer the assets and how to manage them hereafter.
Lastly, many wills include who will look after the children after ones demise. Choosing the right guardian defines the life of the children. A guardian is responsible of the children and their well-being, if the guardian chosen is flawed or has any possible ulterior motives, it could backfire very easily. For those who have little extra zeros added to the value of their assets it could be difficult to choose a trustee who would look after the assets and children since the assets are considerably more valuable. Taking enough time to choose the right guardian and trustee is crucial.
Once the will is written and is verified, it should be evaluated time to time. Laws change and there are many other changes that happen during the lifetime of people: Like birth of a new child. Even tax laws change frequently. A will that is up to date will create less hassle for the people associated with it and can execute the wishes of the demised effectively.