It takes hard work and thorough investments to accumulate a fortune. For many millionaires, they have spent most of their lives to attain their goals. But it is also a harsh reality that any material wealth will be left behind when they pass away.
This is the primary purpose of writing a will. It is a vital component of property law as practiced in Townsville and other cities. When you have a will, you can provide instructions on how your assets will be managed after your passing. It is not a very complicated process, as you can draft your will using a computer or typewriter, and there are even templates online.
Steps in Writing a Will
Writing a will is a straightforward process. Start with an introduction that will indicate that the document is the “Last Will and Testament.” Proceed with your full name, address and the confirmation that you are of legal age, sound mind, and that you are making this will of your own volition.
Next step is to indicate that this is indeed your last will and testament, which revokes any will made in the codicil. Other personal data, such as your birthdate and Social Security number, also follows.
Choosing an Executor
Choosing an executor is an important decision, as this person will carry out your will. Most married people appoint their spouse as their executor, but they can also choose any friend who would be capable of fulfilling those duties.
What Should Be Included in the Will
There are three essential elements that are commonly indicated in the will. Foremost of these is guardianship of the children if there are any. Most parents would be worried about their child’s welfare when they are no longer around. According to the law, the children will go to the spouse or the closest relative of the parent. There are times when that is not the parent’s desire. For any reason, having a will clarifies who you would entrust your children to.
Aside from guardianship, the will should also give instructions on your assets. When you use an online template to make your will, you will only inscribe which heirs will get which property. It should be clear and specified for the court and executor to understand. Most examples of these assets are cars, as well as valuable personal possessions like jewelry and heirlooms. These also include money, bank accounts, and stock shares. A father can distribute his four cars to his four children and then divide his accumulated bank accounts.
Another important part of the will is real estate, which refers to buildings and homes. It is different than simply entrusting your treasured electric guitar to your son. There are things to consider, such as the management of real estate taxes and other requirements associated with the transfer of the real estate. Transferring these may require the help of an attorney.
The law respects the personal right to the property even after one has passed away. Writing a will should be part of everyone’s bucket list to ensure that there is no confusion after your demise.