Planning for the future is a responsible step, and creating a will is an essential part of that process. A will ensures that your assets are distributed according to your wishes, protecting your loved ones and providing peace of mind.
Before meeting with a lawyer to draft your will, it’s crucial to carefully consider the key decisions you’ll need to make. By doing so, you not only save time and money but also ensure that your final wishes are accurately reflected in the document. Here are four key aspects of your will that you should think about before sitting down with a lawyer to plan out your will:
Executor of Will
An executor of will is someone who will carry out the instructions of your will. It’s important that you carefully consider someone who you trust to take care of this crucial aspect of your estate.
Distribution of Your Assets
This includes gifts to friends, family members, and charity, to name a few. Those who you name in your will to receive these gifts are the ‘beneficiaries’ of your will. A gift can be anything from money to a precious heirloom.
Powers of Attorney (POA)
There are two considerations for Powers of Attorney: a Financial POA, and a Healthcare POA. A financial POA will be someone responsible for your finances if you were to ever lose the capacity to manage them yourself. This POA is cancelled in the event of death. A Healthcare POA is someone you appoint to make healthcare decisions on your behalf if you were to ever lose the capacity to make decisions yourself.
Guardians for Children
This applies for children under the age of 18. When appointing a guardian or guardians, the appointment is valid for 90 days from when you pass away. In order for a guardian to be granted permanent custody, the named guardian must make a court application within these 90 days.
Creating a will is an important task that requires thoughtful consideration of key decisions. Before meeting with a lawyer, take the time to ponder over who will inherit your assets, who will carry out your wishes, and how to address specific situations. By being proactive and deliberate in your decisions, you can save time, money, and reduce potential conflicts among your loved ones. For more information, check out the infographic below:
