CONTENTS OF A WILL ( YFL 007)
Step 1: Determine Your Assets
Make a list of your assets, including:
- Real estate
- Bank accounts
- Investments
- Retirement accounts
- Personal property (e.g., jewelry, artwork)
- Business interests (e.g. shares)
Step 2: Identify Your Beneficiaries
Decide who will inherit your assets, including:
- Family members
- Friends
- Charities
- Trusts
Step 3: Choose an Executor
Select one or more persons to manage your estate, including:
- Gathering assets
- Paying debts
- Distributing assets to beneficiaries
- Consider appointing an alternate executor in case your first choice is unable to serve
Step 4: Decide on Guardianship (If Applicable)
- If you have minor children, choose a guardian to care for them in the event of your passing
Step 5: Consider Special Requests
Think about any special requests you may have, such as:
- Funeral arrangements
- Charitable donations
- Specific gifts for beneficiaries
Step 6: Choose a Will Type
Decide on the type of will you want:
- Simple will
- Joint will (for married couples)
- Living will (for end-of-life care)
- Testamentary trust will (for complex estate planning)
Step 7: Consult with an Attorney (Optional)
Consider consulting with an attorney to:
- Ensure your will is valid and enforceable
- Address complex estate planning issues
- Provide guidance on tax implications
Step 8: Draft and Sign Your Will
- Use a will template or work with an attorney to draft your will
- Sign your will in the presence of witnesses (typically 2-3)
- Ensure your witnesses sign an affidavit or declaration attesting to your signature
Step 9: Store Your Will Safely
Keep your original Will in a safe and accessible location, such as:
- A fireproof safe
- A safe deposit box
- With your attorney
- Consider storing a copy of your will with your executor or a trusted family member.
– Deposit Will in the probate registry.
Step 10: Review and Update Your Will
Review your will every 5-10 years or when significant life changes occur, such as:
- Marriage or divorce
- Birth or adoption of children
- Changes in assets or beneficiaries
- Update your Will as needed to ensure it reflects your current wishes and circumstances
For more information on how to apply for a will Click here