A will is an important document that many people often take for granted. It is a perfect complement to a life insurance cover although the process of creating one is not always easy. While some people see a will as a bad omen, some fail to write it because of the nature of the work involved.
What is a will?
A will is a legal document that outlines the wishes of a person with regards to how his or her property should be shared after their demise. Any legal adult can create a will through GoodTrust provided they are in their right mental health.
There are basically two types of a will. The first one is called a permanent will while the second one is known as a living will.
While you can seek the help of an attorney when creating a will, it is advisable to write a will using your own handwriting.
What is the importance of having a will?
As mentioned earlier, a will is a very important document that everyone should have. Unfortunately, some people take it for granted while others see it as a document reserved for the rich. However, the truth is that any legal adult of sound mind should have a will. This is irrespective of how much you own in terms of assets.
Having a will usually saves your loved ones a lot of trouble when it comes to distributing your assets. For example, it will help in avoiding the probate process that is usually costly and time-consuming.
How do you create a will?
One of the main reasons why people avoid creating a will is the kind of work involved. But contrary to popular opinion, creating a will can be as simple as writing a letter
Below are 4 easy ways to create a will:
- Start with a declaration
In the first paragraph, you must declare that you are of sound mind at the time of writing the will and that you are not under duress or any kind of pressure. You also have to indicate your address, name, age, and other important details at the time of writing.
- Details of documents and property
The next step is to give a list of properties such as land, houses, fixed bank accounts, mutual funds among others. You should also show where exactly all the documents and properties are situated.
- Details of ownership
In the last paragraph of the will, the person creating a will must indicate the person who he or she wishes to inherit the asset and in what proportion after death. In case you are apportioning your property to a minor, you must appoint a custodian until the minor reaches adult age.
- The signing of the will
After you are done with writing the will, ensure you carefully sign the will. There must be at least two independent witnesses present while appending your signature.
In general, a will is an important document that every adult person should have. Although the process of creating one can be a bit demanding, the efforts are worth it.