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How to Write the Perfect Will

Who likes to discuss death? The answer is obvious, no one. Nevertheless, it is important to make plans to distribute the wealth you have if you wish not to leave this difficulty to your grieving family to sort out. Therefore it is better to do this while you are alive and thinking.

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Below are a few tips for making a perfect will:

Pick the person who draws up the will wisely

Making your own will is possible. This can be done using a do it yourself kit which you can get from a local stationer. You need to remember the process that has drawbacks and blunders and can be made easily. Lawyers can make much money sorting out wills that are badly drafted than they do for drawing up wills.

DIY is fine for home improvements, nevertheless unless you are confident as well as knowledgeable, it may not be the best option for wills.

Pick your executors well

If you did not know, executors are the ones who are responsible for exercising the estate you have in accordance with the instructions. This happens after you have passed away.

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It involves handling huge sums of money in some cases. The people you select need to be happy to take on this role.

Choose default or even substitute executor

For those who are married, they may want their spouse to be the executor, but it may not be a good idea to appoint them as the sole executor. This is because it is likely that both of you die together, say for instance in a car accident. Then both of you will not have a living executor.

Therefore always choose a default or even substitute executor.

Make specific legacies

If you have any family heirlooms that have a special sentimental place, like an engagement ring, for instance, you can leave these in the form of a specific legacy, particularly to a named beneficiary.

Consider what you want to put in your will

Take out time to consider what you want to give and to whom. You may want to give some of your wealth to charity or to help others. For instance, you may want to add a bequest in your will. If this is the case, then carry out your research and look for places where your money can help others.

Leave a residual legacy

You may not have heard of this, but the “residue” is regarded as being what is left over particularly in your estate when you have finished making any specific legacies. It is important that you specify who this should go to.

If you do not do this, it will lead to a partial intestacy present in your will. This is when the small gifts along with legacies will be passed as the will states, but the residue will receive the laws of intestacy.

These are just a few points to consider when drafting a will. Drafting a will is an important thing, and it should not be taken lightly.

 

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