5 Things To Keep In Mind Before Writing A Will
Many of us tend to take for granted the things we have, including our lives. But in effect the biggest uncertainty all of us deal with is death. It is inevitable but none of us know how and when it will come to us. It is, therefore, necessary that we are both mentally and financially prepared to deal with uncertain death. Having an estate plan and writing your own will can be a good start to preparing for the end of your earthly journey. You can approach established law firms in Alberta to help you identify your assets and write a will in the legal format. But before you start writing your will, here are a few things you ought to keep in mind:
1) Identify your Assets
The whole aim of writing a will is to collate all your assets and determine its ownership after you are gone. But to do that you need to have a fair understanding of what all your own. This could include your property, houses, business, etc. You can begin by listing all your assets and, while you do this, jot down the exact or approximate value of each asset. The next step is to identify which of these assets you own independently. Based on this awareness, you can proceed with entrusting your assets to the person or persons concerned.
2) Choose your Beneficiaries
A beneficiary can be a person, organization, or a charitable trust that you wish to benefit from your will. Your beneficiaries could either receive a part of your assets or all of them depending on your decision. In some cases, the items and assets other than money can be a part of the entitlement for the beneficiary. A person of any age including a minor can be a beneficiary.
3) Appoint your Executor
Your executor is a person or organization appointed by you to carry out your final wishes as mentioned in your will. When you die, your executor becomes responsible for managing your estate. An executor can either be a family member, friend or someone else you trust. However, it can be an onerous task for someone who has no interest in your estate.
Irrespective of how much of a DIY enthusiast you might be, writing your will is not something you want to do on your own. Approaching a law firm in Alberta would be the right thing to do as an experienced lawyer will be able to guide you with the contents of the will. Moreover, a will is a legal document, hence it is only apt to consult with a lawyer to write your will.