Creating a Will? Here's What You Should Keep In Mind!
Topics related to a Will can sound morbid, but it's something we all must prepare and put in order. Having a Will in place, you are assured that your estate and belongings will be divided and allocated according to your wishes. The degree of control provided through a proper Will is comforting and avoids chaos and confusion amongst your surviving friends and family.
So, it's best to start early and think of getting your affairs in order, mostly starting with making a note of what you have and how you would like it treated. But before we get into the nitty-gritty of a Will, let's look at the legal definition of a Will. A Will is also referred to as the 'last testament.' The document contains final wishes and instructions by the property owner regarding the distribution of their assets among the people they chose to benefit after their death.
Getting A Will in Place will Require you to Keep These Points in Mind -
To prepare a Will, you will want an executor:
An executor (or personal representative) is a person who will have the task of ensuring your estate gets distributed according to your instructions. An executor should ideally be predetermined, meaning you would choose and name your executor in your Will clearly. This is an important task and you should think carefully about it. Further, this executor must remain unbiased while delivering the responsibilities and duties they are tasked with, and will take on some significant responsibility.
Planning your estate helps get your Will in order:
The primary purpose of this exercise is to ensure that your assets and belongings are disposed of how you'd like. Certain aspects of your property may require you to deal with them separately. For instance, a business venture should be dealt with clearly, avoiding any confusion, and this may require planning and documentation outside your Will, especially if multiple people are involved in the business. An experienced lawyer can guide you through the estate planning process and explain how your Will can coexist as an independent component of your larger plan.
Your Funeral Arrangements:
Funeral arrangements can be straightforward without any fuss. They can also be elaborate and planned to the last detail. There is no right or wrong way to go about it. Irrespective of your choice regarding your funeral arrangements, you need to think about it and prepare. Some people simply make their funeral wishes known to their family and leave the arrangements to them. In cases like this, you can only hope that your wishes will be respected. But suppose you are making all the plans for your funeral. In that case, you may wish to explore how to record your wishes and pre-arrange services to ensure that your intentions are followed.
Any discussion around a Will or a 'last testament' can get intimidating. But setting things out clearly when there is time to adequately consider everything can help avoid stress for you and those you will leave behind. With the proper legal guidance, you have access to the peace of mind you deserve.
Are you looking for a law firm in Edmonton for legal assistance concerning Wills, Trusts or estate planning? Prowse Chowne is a law firm that offers legal services regarding Wills and Estates, disputes, business litigation, corporate services, employment law, and more. Get in touch with us today to book a consultation!