Writing a will is a huge step towards safeguarding your loved ones’ future and ensuring that your wishes regarding how your assets will be inherited are respected upon your demise. Without a will (dying intestate), it will be incumbent on the government to decide how your assets will be distributed.
Here are important questions you need to ask while creating your will.
Who will execute your will?
A personal representative, also known as the executor, is the individual who will be responsible for identifying your assets and beneficiaries, paying off your estate debts and distributing the remaining assets to your heirs when you die. Obviously, this is a huge responsibility. As such, you want to assign this role to a trustworthy individual who has strong organizational skills.
It is important that you consult a potential executor to be certain that they are willing to take up this role before having them in your will. Once they accept the role, be sure to inform them where to find your will, the identities of your beneficiaries, and your assets and debts.
Who will witness my will?
In New York, a will must be witnessed by two individuals. They cannot be anyone who has an interest in your estate.
What do you own?
A will, by its very nature, outlines how your assets will be distributed when you pass on. It goes without saying, therefore, that you must own the assets in your will. It is important that you update your will as often as is necessary to reflect changes in your assets.
A will speaks on your behalf when you are no longer around. Find out how you can write a will that protects your interests as well as your loved ones.