The Things That Need to be in Your Will May Not be What You Think
You are never too young or too old to draft a will. A will is a legally binding document for your heirs to follow in regard to your final wishes. It is much easier for the bereaved to have your wishes spelled out for them instead of trying to determine what you might have wanted on their own. When you do sit down to create a will, there are some things that need to be in it. Not only will this make sure the contract holds up in a court of law, but it also ensures all of your loose ends are tied up. When a will is drafted correctly, it will take care of your loved ones and significantly reduce the chances for any family or business disagreements.
Things That Need to be in Your Will Include:
1. An Executor/Executtix
The executor/executtix is someone appointed by the deceased that ensures the will is accurately carried out as written and that property is divvied up and distributed as directed. It is a good idea to identify a backup executor/executtix if the original one is not available or unwilling to do it.
2. Guardian for Children and Pets
If you have children and they are not legally old enough to take care of themselves, you will have to appoint a guardian. Taking the time to do this will ensure that your children are cared for by someone you know will take care of them appropriately. If you have any pets and you want to see them well cared for, you will need to name a guardian for them as well. If you don’t, the animal could go to an animal shelter.
Beneficiaries are the recipients of the specified gifts of property or assets, called specific bequests. They can include cash, personal property, or real estate. Beneficiaries can be family, friends, business partners, non-profit organizations, for-profit companies, etc.A tho will also names backup beneficiaries if the original ones don’t survive.
4. Directions for Dividing Assets and Maintaining Property
If you are going to divide assets, then you must include directions for dividing the assets. The will should include instructions as to whether the beneficiaries receive the assets directly or if they should be sold and the value divided. Some wills bequeath homes and other buildings to individuals. If there is specific maintenance that needs to accompany these properties, it should also be outlined in your will.
5. Recipient of Residuary Estate
The residuary estate is any property that is left over after the specific bequests have been distributed. Beneficiaries must also be named to receive any residuary.
6. Cancellation of Debt Others Owe
Within your will, you also have the option of forgiving any debt owed by various individuals.
LeAnn Schumann is Ready to Help Draft Your Will
The last thing you want to leave behind is any questions about your assets and property. Drafting a will avoids confusion for your family and makes sure they are taken care of the way you would like to see. You can draft a will yourself using an online service, but it may not cover all the things that need to be in your will and will formalities may not be met which will invalidate your will. Hiring an experienced estate and trust lawyer is the best way to make sure you have a will that carries out your final wishes exactly. LeAnn Schumann has the experience to make sure your will leaves nothing to chance. She is available to serve the people of Reno, Sparks, Carson City, Fallon, Fernley, Dayton, Yerington, Douglas County, and all other Northern NV rural counties.
Ensure your Final Wishes and Address the Things That Need to be in Your Will
Contact LeAnn at Jesse Kalter Law Today for a Confidential Case Evaluation and Consultation
CLICK HERE to Contact Online or Call 775-331-3888
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