Banksy said “I mean, they say you die twice. One time when you stop breathing and a second time, a bit later on, when somebody says your name for the last time.” Have you ever taken time and said to yourself, “oh well, maybe my second death will be on my will-reading day?” Death is unavoidable. It is irreversible, and most importantly, it is a part of life. As much as death is an uncomfortable topic, you have to talk about it at some point in your life, for example, on your writing day. Writing a will is not the most pleasant exercise as it shows you have acknowledged your demise. Nevertheless, will writing is essential, and here are some of the things you should know about writing one:
First, you should know your assets.
It is only logical to share your property fairly if you know what you have in general. Your assets include real estate and accounts. Real estate is not limited to all your buildings, company if you have one, your own house, among others. You should clearly mention to whom this property goes, whether your wife, husband, or children. The account is any cash that you have, all debts deducted. This helps you know who will manage your estate upon your death, speeds up the probate system, leaves your loved ones in peace without fights, minimizes the estate taxes, among other benefits. Consulting with a will attorney is often the easiest way to lay out and manage your estate.
You should know your executor.
An executor is someone whom you appoint to administer your estate on your death. It is not as easy-peasy as it sounds. There is much work to it; thus requires much sacrifice. An executor sees to it that he knows where your will is kept, ensuring the testator, you, have an updated list of assets, discussing the conditions of your funeral, discussing the will with you and your beneficiaries, if possible, just to minimize problems, among other tasks. Also, if a beneficiary is assigned an estate and is not of legal age, 18 or 19, depending on your country, the executor oversees the estate until the beneficiary is of age. This shows you need to choose a person you can wholly trust.
You should know your beneficiary.
This is someone you name on your will to inherit your money or other property on your death. The typical choice here is often your spouse or your children. Mind you, and it is not limited to just that. You can choose your beneficiary to be a close friend, a partner, or even a charity.
Author information: Lizzie Weakley is a freelance writer from Columbus, Ohio. In her free time, she enjoys the outdoors and walks in the park with her husky, Snowball.