Legal & Financial Tips to Follow When Writing a Will
When it comes to legal and financial planning, writing a will is one of the most important steps you can take. A will ensures that your loved ones are taken care of after you die, and it also allows you to plan for your estate taxes and funeral expenses.
This article will provide six tips to follow when writing a will in Mississauga.
Seek legal help from a qualified lawyer
One of the first things you should do when writing a will is to seek legal help from a qualified lawyer. Some specific laws and regulations must be followed when drafting a will, so when looking for Wills Lawyer In Mississauga, it’s important to choose someone who knows the ins and outs of the process. A lawyer can also help you navigate the financial considerations involved in making a will, such as estate taxes and funeral expenses.
Additionally, a lawyer can help you create a trust, which is a legal entity that can hold and manage your assets on behalf of your beneficiaries. Trusts can be used to protect your assets from creditors or lawsuits and help you minimize your estate taxes.
Create a list of your assets
Before you start writing your will, you’ll need to inventory all of your assets and decide how they will be distributed after your death. This includes property, investments, bank accounts, and other valuables you own. You should also make a list of any debts you have, such as mortgages, credit cards, and loans.
Why is this important? Your assets will be used to pay off your debts after you die, and anything that’s left over will be distributed to your beneficiaries. By knowing exactly what you own and how much debt you have, you can ensure that your loved ones are taken care of in the event of your death.
Make a list of your beneficiaries.
The next step is to make a list of the people or organizations you want to receive your assets. These are called your beneficiaries. You’ll need to include their full name and contact information and how much you want them to receive.
You should also designate a primary beneficiary and a backup beneficiary in case the primary beneficiary dies before you do. This is especially important if you have young children, as you’ll need to appoint someone to care for them in the event of your death.
Additionally, you can designate a charitable organization as a beneficiary of your will. This is a great way to make sure that your assets go to a cause that’s important to you.
Decide who will execute your will.
After you’ve written your will, you’ll need to decide who will be responsible for carrying out your wishes. This person is called the executor of your will. The executor is responsible for distributing your assets to your beneficiaries, paying your debts, and settling any final expenses.
You should choose someone you trust to be the executor of your will, such as a family member or close friend. You can also name a professional, such as a lawyer or accountant.
Very often, the executor of a will is also the beneficiary of the will. However, this isn’t always the case, so you’ll need to decide who you want to handle these responsibilities.
Decide on a guardian for your minor children.
If you have minor children, you’ll need to appoint a legal guardian to care for them in the event of your death. The guardian will be responsible for making decisions about the child’s upbringing, education, and health care.
This is one of the most important decisions you’ll make when writing your will, so it’s important to choose someone you trust implicitly. The guardian should also be someone who shares your values and who you think would be a good role model for your children.
Sign and date your will
Once you’ve completed your will, you’ll need to sign it in front of two witnesses. The witnesses must be over the age of 18, and they must be able to understand the contents of the will.
After you’ve signed your will, the witnesses also need to sign it. Once the will is signed, it’s legally binding, so it’s important to make sure that everything is in order before you put your signature on it.
Of course, your will can always be changed after signing it. However, you’ll need to follow the same legal requirements to make any changes.
It’s important to have a will because it gives you the ability to control what happens to your assets after you die. You can choose who gets your money, property, and possessions and decide how your debts will be paid off. A will also allow you to appoint a guardian for your minor children.
While it’s not required by law to have a will, it’s definitely in your best interest to have one. By following these tips, you can ensure that your will is properly written and that your loved ones are taken care of after you’re gone.