A will: critical facts you need to know

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Writing a will is a crucial step in ensuring that your assets are distributed according to your wishes and that your loved ones are taken care of after your death. Preparing thoroughly will help make the process smoother and ensure nothing is overlooked. Here’s a detailed guide on what you need to prepare before writing your will:

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read: Do You Need a Lawyer for a Will?

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1. Personal Information

Start by gathering your personal details:

• Full Legal Name: Include any aliases or nicknames that might be used.
• Address: Your current residential address.
• Date of Birth: This helps to confirm your identity.

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2. Appointing Executors

An executor is the person responsible for carrying out the instructions in your will. Consider:

• Primary Executor: Choose someone you trust implicitly, such as a family member, close friend, or attorney.
• Alternate Executor: Select an alternative in case your primary executor is unable or unwilling to serve.

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3. Beneficiaries

Beneficiaries are the individuals or organizations who will receive your assets. Make a list that includes:

• Full Names: Ensure accuracy to avoid confusion.
• Relationships: State your relationship to each beneficiary.
• Contact Information: Include current addresses and phone numbers to facilitate communication.

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4. Guardians for Minor Children

If you have children under the age of 18, you need to designate a guardian:

• Primary Guardian: Choose someone who will take care of your children.
• Alternate Guardian: Select a backup in case the primary guardian is unable to fulfill the role.

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5. Assets and Property

Detailing your assets is one of the most critical parts of your will. This includes:

• Real Estate: List all properties you own, including addresses and approximate values.
• Bank Accounts: Include account numbers, bank names, and types of accounts (checking, savings, etc.).
• Investments: Document stocks, bonds, mutual funds, retirement accounts, and other investments.
• Personal Property: List valuable items like jewelry, art, vehicles, and collectibles.
• Digital Assets: Consider digital accounts, online banking, social media, and cryptocurrency.

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6. Debts and Liabilities

Include a list of your debts and obligations:

• Mortgages: Details of any property loans.
• Credit Cards: Account numbers and balances.
• Personal Loans: Details of any personal debts.

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7. Specific Bequests

If you want to leave specific items or amounts of money to particular people or organizations, list these:

• Descriptions: Clearly describe each item or amount.
• Recipients: Specify who should receive each bequest.

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8. Residuary Estate

Decide how the remainder of your estate should be distributed after specific bequests have been made:

• Division: Indicate percentages or specific amounts to be distributed to beneficiaries.

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9. Other Considerations

• Funeral Instructions: Outline any specific wishes for your funeral or memorial service.
• Charitable Donations: Specify any charitable contributions you wish to make.
• Pet Care: Include arrangements for any pets you may have.

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10. Legal Requirements

• Witnesses: Most jurisdictions require at least two witnesses who are not beneficiaries to observe the signing of your will.
• Notarization: While not always necessary, notarizing your will can add an extra layer of legal validation.

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Final Steps

• Review and Update: Periodically review and update your will to reflect changes in your life circumstances, such as marriage, divorce, the birth of children, or significant changes in assets.
• Storage: Keep your will in a safe, accessible place and ensure your executor knows where to find it.

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By thoroughly preparing these details, you can ensure that your will accurately reflects your wishes and provides clear guidance to those who will carry out your final instructions.