Most of us do not give due importance to writing the most important legal document of the life, a Will. Because, we are either too busy or assume that a lot of time is left for it. We wait and wait until some unexpected and unrealistic event happens and can do nothing then. Eventually, our loved ones would land into troubles. Do not let this happen to your family, in your absence. “Writing Your Will” should top your to-do list.
Your Will is more than just a piece of paper. It is imperative that you do not miss a point while writing it. Here are 3 most important things that cannot be missed writing a Will.
Appoint Guardians
If you are a single parent who dies without specifying who should be your minor child’s guardian in your Will, the court will appoint one. So, appoint the one who you think can play the role better. In case, you are unmarried but have a child, appoint a guardian clearly to avoid possible problems.
Choose Your Executors Wisely
Executors play a responsible and demanding role that involves handing huge money. The person would be responsible for exercising your estate, after your death, as per your instructions. Hence, it is important to choose your executive wisely. Pick someone who would be happy to do it.
You may probably consider your spouse to be your executor. But, do not miss appointing a substitute executor. A default or substitute executor can get into the role in case your spouse is unable or unwilling to act.
Appoint Trustworthy Trustees
Trustees would be responsible for looking after the property as well as managing and investing money until the property and assets are passed on to the beneficiaries. Thus, it is important to ensure that the one you pick as trustee is sound at financial matters and young enough to take up the responsibility efficiently for the required time.
In conclusion, if you fail to look into every minor detail while writing a Will, you are failing to write a perfect Will. Thus, the chances of leaving a host of hardships and problems would be high, leaving your family into much more grief. Do not let this happen. For more information and guidance on writing an E-Will, approach fiduciary like ArthaYantra. We help you sort your finances better.
