Writing a will is often not as simple as naming a beneficiary and signing your name on the dotted line. In order to make sure that your will considers all potentialities, take these steps before you start to write.
Speak with Your Family
When you are writing a will, it can be somewhat sensitive to bring family members into the process, but this can help to ensure that no one is surprised later on. For instance, if you are thinking of dividing your assets in a certain way, it may be helpful to ask family members what they would prefer first; some might prefer property, while others would prefer liquid assets. If you have any children, it's also important to speak with guardians and back-up guardians before writing them into the will to make sure they are prepared.
Speak with a Family Lawyer
Another thing that can be helpful is to speak with a family lawyer about the potential legal ramifications of your estate. Some people choose to write a will on their own, but a lawyer can help make sure that your will is completely legal and bulletproof. For instance, you may run into trouble if a relative tries to contest the validity of your will. If you wish to disinherit a spouse, this will likely require a lawyer to uphold the proceedings of your will too.
Hire an Accountant
Hiring an accountant before writing your will can make the process much smoother and help you to avoid any unexpected situations. For instance, your accountant can help you to do financial planning to estimate the amount of taxes that your estate will encounter. If you have any business accounts, this can also be tricky; your accountant and your lawyer may need to work together to determine how much of your business assets will go into your estate and how much will go to business partners or other debts that need to be paid. And if you have any personal debts, it's important to talk to your accountant about options for paying them down and reducing the amount that it takes out of your estate. It may even be helpful to begin consistent financial planning now to make sure that your accounts are in great financial standing when you are ready to pass off your assets.
Writing a proper will can take a bit of time, as you can see. But speaking with the proper specialists for advice and consulting your closest family members can help to make sure that your assets go to the best possible use.Share
22 June 2016
I have always dreamed of opening my own beauty salon, but never seemed to have the money to make that dream come true. I decided that it was time for me to hire an accountant to help me create a savings plan and to assist me in calculating how much money I would need to open my salon. I found out all about what it takes to start a business and a lot of great advice about what I can do to save the money I need to make it happen. If owning your own business is something you are dreaming of, my blog can help.