Working On Your Will? Use These Tips

3 February 2017 by Jonathan Phillips

Grappling with the idea of your own mortality can be difficult, which is why you may not already have a will in place. If you're just starting to prepare your estate documents and are working on a will, you may be doing one just to get it over with. That can lead to errors and trouble for your loved ones after you've died. Instead, spend time on the document and use these tips so your family and friends are adequately protected and your wishes are respected.

Choose an Outsider as Executor

If you're very close to your family, you may designate a child, sibling, or spouse to be your executor. You may think you are honoring them by allowing them to be the person who carries out the language of your will. However, this could be a decision made in error. Those who love you the most will be most devastated by your death. Saddling them with responsibilities and tasks that need to be done might not best for them; you might want to choose as executor someone outside your immediate circle, whom you know to be fair and who can do the right thing. Your business partner, financial planner, or estate lawyer could be the best choice.

Know What May Be Included

Contrary to what many people think, you cannot make all decisions regarding items and funds to five people with the wording you use in your will. Life insurance, bank accounts, and other items need to be handled separately. To be sure your will doesn't include extraneous language or directives that cannot be used, ensure that you talk about the document with a professional.

Discuss the Document

All of the information you're putting in the will may make sense to you, but it's vital that you realize that different family members might not understand your choices and vehemently disagree with them. For that reason, it may be prudent to talk to your family along the way and tell them what you plan to include in the will and what your ultimate choices will be. This may not help them to feel better about what you've selected, but they can ask questions and let their feelings be known before anything happens to you. This may settle their emotions or allow you to make additional decisions that ensure your wants are carried out after your death.

An estate lawyer or an expert in trusts and wills is the best person to talk to when you're going through the process of completing your will. Their guidance can protect you and those you care about. Contact a law firm like Donald B Linsky & Associate Pa to learn more.

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