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Sunday, November 28, 2021

Things to Know Before Executing a Will

If you do not yet have a will in place, there is no time like the present to execute a legally sound, strong will that will help preserve your legacy and protect a brighter future for your loved ones. While putting a will in place is too important to put off, there are also some things you should know about and consider prior to executing a will in order to help ensure it accurately reflects your goals and wishes.

Things to Know Before Executing a Will

While not the only thing a will can accomplish, one of its main features is often how a person’s property is to be distributed upon death. This means that it can be key to not just consider who you want to receive your assets, but also to take stock of what assets you actually have to distribute. Make a list detailing your assets that you wish to distribute via your will. While often overlooked, be sure to include your digital assets in this list. This can include online financial holdings as well as more personal and sentimental assets such as pictures and writings. Include instructions on how to access these assets and include username and passwords. Keep this list in a secure location that can be accessed by trusted individuals when the time comes. Also, be sure to inform that trusted individual as to the list’s location.

Another important part of your will is your selection for who will serve as personal representative of your estate. Before you execute your will, take care to select a trusted individual to serve in this capacity. The personal representative has a lengthy list of important responsibilities in order to help ensure that an estate is properly administered. Consider who would best serve this role and who would be willing to serve in this role. Discuss your selection with the selected individual to verify that he or she is willing to take on such a role when the need arrives. You should also consider naming an alternative just in case.

It is also very important for you to know about your guardian selection prior to drafting your will if you have minor children. Your selecting guardian will be tasked with the care and support of your children in the event that you pass away while they are still minors. It is impossible to overstate the importance of this selection. Carefully consider who would be best suited for such an important role. Discuss it with your potential candidates to verify that everyone is on the same page.

On top of knowing all of these things, it is also important to know how critical having a strong will in place can be. Have you heard of intestacy laws? They are state laws that control how an estate will be administered and how assets will be distributed when a person dies without a legally valid will in place. State law will dictate how assets are distributed. The probate court will be tasked with selecting and appointing a personal representative. The courts will also be tasked with appointing a guardian for minor children.

Florida Estate Planning Attorney

Are you making the important step to get a will? Verras Law can help. Contact Verras Law today.


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