A Will is the foundation of a robust financial plan that safeguards your life’s worth of hard work while also protecting the future of your loved ones. A Will is a legal document in the form of declaration in which a person disposes his or her property or estate according to his or her wish after death and in some cases when alive. Making a Will is one of the most important decisions of your life and hence, it is imperative that you are well informed and take the right steps.
If you are wondering how to get started or unsure about what needs to be included in the Will, here is a list of assets you must take note of in your Will:
If you’re shying away from making a Will because you’re unsure about what you need to include in it, we have you covered. Here’s a list of assets you must take note of in your will:
When it comes to real estate, it is advisable to list down all the specifics of every piece of land you own and how it will be divided between your legal heirs. If you wish to donate the properties, it’s best to include details on who you would like to donate it to. If you share your primary residence with your spouse and children, mention how they can divide the ownership. If any property is still under mortgage, specify in the Will how you want the mortgage to be managed.
The various investments you hold in the form of stocks, mutual funds, insurance, pension funds etc., must be attached in your Will with clear guidelines on how it must be distributed. You can allot these individually or in group and grant them among your heirs. Further, it’s advisable to mention clearly the percentage of share you wish to grant to your heirs in any business that you own fully or partly. This will ensure effortless transition in ownership and avoid possible disputes between your heirs. You can also have a conversation about this with your heirs to check if any of them are interested in running your business.
Jewelry, vehicles, antiques and other objects of value are not just expensive in terms of the money spent but also have a sentimental value attached to them. Make sure you divide them carefully among your beneficiaries when you include them in your Will.
Apart from cash, it is also essential to designate nominees for your bank accounts and update the beneficiaries for other financial instruments such as life insurance plans and mutual fund schemes. If any money needs to be spent from these accounts for medical expenses, funeral or on outstanding debt, make its source transparent and mention it explicitly. You can also earmark in your Will any sum of money that you want to donate to charities or any social cause from these accounts.
To avoid passing on the burden of any of your personal debt to your heirs, make sure you clearly set aside the appropriate amount of money in your Will stating how much should be used, on what kind of expenses and the amount of debt that needs to be repaid. Also mention the order in which the debt is to be cleared to eliminate any confusion or additional stress.
Writing a Will can seem like a daunting task, but it is absolutely essential to secure your family in case of an unfortunate event.