A will is an important legal document that contains instructions about the distribution of an individual’s financial, medical, and personal assets after their demise. It’s important to ensure that the written will is according to the laws of your state and contains clear instructions. Any issues with your will can cause trouble for your loved ones and make it difficult for them to inherit what you’ve left them.
Let’s have a look at all the important things you should know about preparing your will.
Decide what you want in your will
Think about all of the assets you own or have access to. If there’s anything shared with another owner that’s not part of your family, then make sure you have a clear written agreement with them. If you inherited anything from the estate of your parents or ancestors, don’t forget to include that in your will as well. Remember that your will is the only way you can communicate your wishes to your loved ones after your demise, hence make sure everything is written clearly.
Make Sure It’s in Accordance with The Law
Estate and inheritance laws vary from state to state. Things can be even more complicated if you own property or other assets in multiple states or countries. To avoid any legal issues, it’s better to hire a lawyer or seek the help of a law firm. A process serving agency can also help you with delivering any necessary documents you may need to prepare your will.
Create Living Arrangements for Your Estate.
You may want to consider creating a living stipulation or living trust for your estate. This is a document that you can create and leave with someone whom you trust. You can keep updating and making changes to this document, and you can also change your trustee at any point before your death.
Choose a Trustworthy Trustee
Trusts provide the beneficiaries with income from the funds during their lifetimes and allow the assets to pass back to family members when they die without going through a probate court or other formal legal procedures that take more time and cost money.
When writing a will or setting up a trust, it’s better to name at least one successor trustee to take over if the first trustee dies or can no longer serve. The successor trustee should also be someone you trust with your assets.
The successor trustee may or may not be the same person as one of the other trustees. If you are writing a will, you should name your successor trustee and at least one other trustee, even if you don’t know both well.
In law, verbal agreements don’t hold any value unless they’re written and documented. Once you have completed and written your will, make sure to file it with the correct governing administration, which varies state-by-state.
Keep Everything Updated
Don’t forget to update your will when major life events happen or change. For example, if you get married, have a child, get divorced, or remarry, you may want to update your will. If you are planning on moving or selling a large portion of your assets, you will want to make sure that is reflected in your final will as well.
Share Your Will
Make sure all or at least some of your family members know where your important documents are kept and what to do in case the worst should happen. After all, you don’t want to leave your loved ones in trouble after your death. If you’re hesitant to share your will with a loved one for any reason, a process serving agency can do so.
If you’re struggling with preparing your will, get in touch with a law firm or professional process server agency in New York. At Elite Legal Services of NYC Inc, we offer same-day process serving services in Whitestone, New York. You can benefit from our services in New York’s five boroughs from Queens and Brooklyn to The Bronx. Reach out to us for all your process service needs.