A will is a very crucial legal document as it expresses the wishes of the deceased. The worst mistake one can make is to die without a will. It is supposed to be your voice when you are long gone. So, by leaving a will, you leave guidelines on how you wish your property to be distributed. You are also allowed to name your will executor. This is the person who will implement the instructions included in the will on your behalf. Let’s look at who an executor is in details;
Who is an Executor?
An executor is a person identified as the legal representative in a will. His responsibilities are to express your wishes to the parties involved. They distribute your assets to the beneficiaries per your wishes.
Below are the roles of a will executor;
- Locating the will.
- Applies to the Supreme Court to confirm whether the court recognizes the will and that the executor in question has the mandate to oversee the implementation of your will.
- Inform the beneficiaries about the details in your will.
- Collecting and transferring assets ownership to the beneficiaries.
- Keep an accurate record of the actions taken concerning your will.
- They pay for all your outstanding debts.
- They lodge final taxation returns.
Factors to Consider when Making a Will
You can’t just craft a will without first thinking carefully. There are questions you should ask yourself and answer to avoid making mistakes. For example, you should have the exact number of people you wish to leave your assets to. It could be real estates, valuable jewelry, to mention but a few. You should also ask yourself whether you need to cater to a particular individual’s needs, such as a child or partner.
Having answered such vital questions, create a list showing all your liabilities and assets that you currently have. However, you should keep updating the list regularly since they are likely to increase or decrease with time.
In case you have little children, you should indicate in the will your proposed guardian and the age at which they should receive what is entitled to them in your will. For instance, you can say once they are 18 years old or when they are old enough. But before you add your intended guardian, you ought to consult them beforehand to ensure that they would be willing to look after your children.
At this point, you can also include funeral instructions. Some people organize for a pre-paid funeral. You should mention such things as whether you want to be buried or cremated. Also, be sure to mention whether you have a specific place where you prefer to be buried.
You should also mention if you have a family trust or run a business in a partnership or as a sole trader.
If you support any disabled individual, be sure to include anything you believe they may need in case of your death.
Having a will is crucial as it prevents quarrels among family members. Distribution of assets without a will attracts disagreement that could even lead to death. In fact, rightful beneficiaries may not even get a share, hence left to struggle. This should not happen. You can’t afford to die without a will. Consult with the experts today to help you create an effective will.