Important Things To Consider When Preparing Your Last Will

Estate planning is a high priority task. The sooner you start thinking about it, the better. When talking about estate planning, writing a will is the very first step. Delaying this task can negatively impact the lives of your loved ones after you die because life is unpredictable, and so is death. To keep you and your loved ones safe, it is better that you do what you need to while you still have time!

A will is the most basic part of estate planning. It includes a financial and medical power of attorney. It is one of the most important documents of your life, which is why you want to be extremely thorough in preparing it. 

Are you starting the will preparation process? Here is a list of things that you need to consider! 

Who Prepares the Will?

A common mistake we’ve seen people make is that they start preparing their wills themselves using online programming tools. While that might work for some, there are risks involved if you do not hire a lawyer. That is because there are specific laws and protocols when drafting a will, and when you do it yourself, the chances of you not following them are greater than if you hire an experienced lawyer. Moreover, the state has the power to invalidate any of your witnesses. In worst cases, Utah state law may even invalidate the entire will.

What Are Your Assets?

The next thing to consider, of course, are your assets. Identifying all your assets may sound very obvious, but it something you need to do before hiring a lawyer. You must take a comprehensive look at all your financial assets, such as your bank accounts, retirement funds, investments, and credit cards. After you have thoroughly reviewed and identified your assets, it is time to head to a lawyer who will take care of the matters. 

How to Handle Joint Property?

Many people consider their joint property as a 50% ownership in an asset that can be passed on upon their death. However, that may not be entirely true. Most joint property is held in “joint tenancy” which means the surviving owner gets 100% ownership of the property. Joint property is the assets that you and your spouse own. You can also hold joint property as “tenants in common” which doesn’t pass everything on to the surviving owner but that is uncommon and must be spelled out explicitly in the title documents.

Who are the Executors and Guardians?

A crucial part of a will is naming the personal representative (aka the executor) of your will. The personal representative is the person or persons in charge of carrying out the wishes in your will. They should be someone that is trustworthy and responsible. One person is best unless that person cannot shoulder the burden of administering your will while grieving your loss. In which case, it might be best to have that burden shared by multiple people - provided they work well together.

If you have children under the age of 18, you need to name a guardian for them in case something happens to you. When choosing a guardian, you can name the same person you already named as your personal representative. That makes it easier since they are already handling the money on behalf of your minor children. However, not all people may be great with kids so if you have someone else in mind that is great for raising your children, but not great with money, then you can them to be the guardian and someone more financially responsible to be the personal representative.

Preparing a will is a very important task so make sure you consider all the factors. This will help you avoid making a mess of all your assets and your loved ones when you pass. Being thorough and careful with your will ensures the security of your family members when you are not here for them!