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You may think of a will as a document that is only utilized by wealthy individuals who have a great deal of property and money to divide among their heirs. However, creating a will can be helpful for almost anyone who has children, owns any items of value and who wants to avoid confusion or arguments over this property once he or she passes away. If you want to create a will, there are a few factors you may want to consider to ensure the document’s viability.
- The Number of Beneficiaries
As you compose your will, one major point that may affect its contents is the number of beneficiaries you want to include. For instance, if you have one adult child and he or she does not have children, then this may simplify your will but if you have been married several times and have kids from each of those marriages, you may find your list somewhat more complicated.
- Who To Name an Executor
An executor or executrix of a will has a variety of duties, from ensuring your final wishes are carried out to paying fees, taxes and debts on your estate. Many people often choose their spouse or an adult child, but you may name almost anyone, including your attorney, as executor. Since there are multiple responsibilities, it can be wise to choose a mature and dependable individual for this task.
- Disbursement of Business Assets
If you own a business, making clear provisions for its future and the division of assets may help your family avoid probate court, which is usually necessary when a will’s author omits or is not clear about how he or she wants a property or asset handled after death. If you plan for your grown children to take over a business after your passing, you may want to discuss details with them as you create the will in case they have any questions.
- Seeking Legal Assistance
Not all wills are complicated and require the help and advice of an attorney, but this type of assistance may give you peace of mind that your will is valid, easy to understand and includes all your assets and valuable property. A lawyer can also help you set up living trusts and represent your best interests if you choose to name him or her as your executor.
Creating a will may raise many questions about the future, but there is help available. Reach out to an attorney, like an estate planning lawyer from Klenk Law, today for further information and assistance.