It is important to protect yourself, your family, and your assets in case an accident or emergency happens. Writing a will does not have to be complicated, but some are too nervous to get the process started. So in order to ensure you are protected, here are some things to consider while formulating your living will.
1. Keep the small stuff in mind
Unfortunately, it is all too common for family members to fight and quarrel over their loved one’s possessions. So even though it is important to keep your larger assets in mind– think your home and bank accounts– it is equally as important to write down a list of family heirlooms so there will be no misunderstandings. It is easier to write a list of different items, like your diamond necklace goes to your daughter, your Christmas porcelain village goes to your grandson, your china goes to your niece.
2. Name a guardian
This is especially important if you have children under 18. Guardianships are crucial because it will ensure your children are financially protected in case something happens to you.
3. Don’t forget your power of attorney
The power of attorney is the person who you name to be responsible for all financial assets in your estate. This is a binding legal document that will be held up in the court of law. If you forget to name someone as your power of attorney while drafting your will, your financial assets will be subject to probate court which is when a judge will make the decision to split up the estate themselves.
4. The importance of an advanced directive
An advanced directive is one form of a living will, which is the document that describes instructions for treatment in case you are incoherent. This includes medical respiration, feeding tubes, and induced comas. When writing a will it is important to include this because then your family members will know exactly what your wishes are when you cannot express them yourself.
When writing a will, keep these tips in mind and the process will go by smoothly! If you have any questions or require legal help, make sure to contact a will lawyer as soon as possible.