Do you wish to write your will? Well, you need to hire a wills and estates lawyer to help you through the process. Below is a comprehensive guide on the benefits of hiring a wills and estates lawyer to help you write your will.
The lawyer's first task is to examine your estate. It includes any tangible and intangible assets such as land, businesses, cash and stocks. He or she will review your current debt to determine the actual value of your estate. You also have to decide what you wish to include in your will. You could include personal and sentimental items such as jewellery, paintings, musical pieces, curios and books in the will.
Decide how you will distribute the estate. Typically, you are allowed to name anyone as a beneficiary in your will. However, it is advisable to include people that directly rely on you, such as children, your spouses or your romantic partner. If you do not, they may contest the will. To counter this, you should include valid reasons as to why you did not include them in the will.
Trusts will help you protect the inheritance of young children and potentially irresponsible beneficiaries. Your lawyer will help you choose a suitable trust. For instance, a family trust empowers the trustee to decide when and how to make payments. In a unit trust, each beneficiary has a specific shareholding. Beneficiaries receive benefits based on their number of shares. Your lawyer will also help you develop a trust deed that dictates the duties of the trustee and viable dispute resolution mechanisms. For instance, you could have an appointer to solve trustee-beneficiary disputes. In severe situations, the appointer can remove a trustee who no longer prioritises the needs of beneficiaries.
Once your will is complete, the lawyer will go through the document to ensure it meets the legal requirements. For instance, it should not have any contradictions. You are required to sign the will at each page. Additionally, it should be signed by two witnesses. Leave a copy of your will with the lawyer and store the original copy in a safe place.
Your will must be updated as your financial or personal situation changes. For instance, if you get a divorce or acquire a new property, the lawyer will advise you on how to change the will. You could either attach a codicil or destroy the old will and make a new one.Share