Death is the ultimate reality, and you need to be prepared for it, especially after you cross 60 years of age. It is highly recommended for retirees, seniors, boomers, and silver seniors to draft their last will as soon as possible. A last will and testament is a document that specifies what would happen to your possessions, including your assets, estates, money, property, and even children in the event of your death. It is extremely important to have a last will; otherwise, your possessions will be divided by the government regardless of your wishes.
WHY IS A LAST WILL IMPORTANT?
All you have now, you’ve earned with a lot of hard work. You paid for your car’s premiums, you paid the mortgage and worked the hardest you could to save some money, and it is your discretion to decide who will be in possession of your property after you leave the world for good. If you do not draft a will, your car will be auctioned, and the money will go to person ABC. Your last will is the only document that m can make sure your wishes will be respected after your life is over. To see what else to do as you step into the final years of your earthly life, visit ELEARNING FOR SENIORS today and explore a new world of learning.
WHAT TO CONSIDER WHILE DRAFTING YOUR LAST WILL?
Your last will is a legal document and needs to fulfill a bunch of requirements to be valid in a court of law if litigation becomes inevitable in dividing your assets. The last will and testament sample can help you better understand and get started in drafting your own will. Furthermore, here are some of the important things you need to consider while you draft your last will.
- NOMINATE THE BENEFICIARIES
Your beneficiaries are the people to whom you want to leave your property. Choose the people carefully and describe how exactly you want your property to be distributed among your beneficiaries.
- NOMINATE SOMEONE TO EXECUTE YOUR LAST WILL
The executor you nominate to fulfill your last will be responsible to gather your property, pay off any debts or taxes that might be pending, and would then divide the rest of your property to the people you have nominated. Two things must be kept in mind while appointing an executor. First, the person must be trustworthy, and secondly, he/she must be able to actively tackle the challenges of handling and distributing your property.
- ALTERNATIVE EXECUTOR
You also need to name a secondary executor of your will. In case the first one is unwilling or unable to carry out your wishes, this person will take over and carry out your will.
- NAME ALL YOUR CHILDREN
It is extremely important to name all your children in your will even if they don’t want them to have a part of your property. In most states, if a child is not named in the will of their parent, they have the right to contest the will in a court of law. Be sure to list all your ex-spouses (if any) and children in your will.
All of the states need you to have two witnesses sign your will for it to be valid. In some states, you cannot give the witnesses any part in your property, as that can mean foul play.
We all have to leave the world one day or another, but the property and possessions we have are here to stay. A last will is a document that helps to make sure that all you will leave behind in this world is going to distribute among people you care and in the way you want. Be sure to take into consideration the legal issue while drafting your will.