Have you gained plenty of assets throughout your professional life but do not know what to do with them? If so, you should consider writing a will if you haven’t already. You might not realize this, but properties and various other assets, although vital in ensuring a family’s financial future, are also grounds for fights and arguments. When you pass away, family members fight over who owns what, and such disputes are tough to solve. That’s why wills are so important, as they point out what you, the real owner, wants to happen to the assets.
That said, here’s what you need to know about wills—their importance, how to write one, and more:
The Importance of Writing a Will
For starters, a will is essential not only to you but also to your family. The will lets you assign a person to act as your estate executor, and this person basically follows your wishes and distributes your assets accordingly.
A will also benefit the person who acts as executor. It serves as a guide in case anything happens to you. The executor doesn’t have to guess at what you wanted to happen to your assets. In reality, a will is an essential document because it lets your family know what you want to happen in the event that you pass away.
How to Properly Write a Will
Writing a will does not need to be complicated, but it does need to be done correctly to ensure that it serves its purpose. The key is to write your will soon. In fact, it is best to write your will while you are still healthy and alive.
To begin writing your will, first, make a list of everything you own, such as bank accounts, investments, houses, cars, and more. You can get an idea of how much everything is worth. It is also wise to include a list of debts, as well.
Once you have your list, you can write your will. Your will may include basic details, such as who you want as an executor and how you want to be buried. Once you complete your will, have it notarized, and make sure that your executor understands what it says.
For a more detailed will, you can always consult a lawyer to help you write one.
How to Execute a Will
When it comes to legally executing your will, you can ask your estate executor to do it. If you do not have an estate executor, a probate court will do it. Executing a will is easy. The executor only has to submit a copy of the will to the court along with a request for probate. The court will then check the will to ensure that it is valid and notarized.
Writing a will is essential to the future of your family. By writing a will, you can provide your family with the guidance they need to live without you. With that said, if you have not written a will so far, get one down right now. You never know when something might happen to you, where your assets need to be distributed to your family. We have to recommend, however, that you write a will with a lawyer. They can assist you in writing a will that covers all the essentials, ensuring that when you go, everything will happen as you wish it so.
Amanda Dobbie & Associates is a law firm offering services covering wills and estates, business matters, and property purchase and selling to ensure a smooth, legal process. If you are looking for estate lawyers in Sydney to assist you in writing one, reach out to us today!