Creating a WILL may not be as hard as the time and efforts spent by individuals in generating assets and creating wealth. But, it is an important aspect of your financial planning to ensure that all the time and effort used in creating wealth is passed on to the person of your choice.
1) Do not choose the witness as a beneficiary in the WILL
You should not choose someone who is a beneficiary as a witness to the WILL. This is because it would needlessly create a conflict of interest. Also, other disgruntled elements who have not been included as beneficiaries in the WILL may have a strong case when contesting the WILL.
2) Who should you name as the executor?
You can name a close family person as the executor in he WILL. He or she can be a spouse or a child and someone who you can trust. The executor is the one who will carry out the directions of the WILL. The executor maybe directed to pay bills and other liabilities as well.
3) Where to store your WILL?
Please avoid storing your WILL in places like a bank locker to which only you have access. Or, any other lockers which are not jointly operated. Also, jointly operated lockers means that they are not full proof and your WILL maybe accessed. Many individuals keep it with their lawyers who tend to store them safely in their office.
4) How often to update your WILL?
Circumstances may keep changing which means you need to update your WILL as often. For example, if your WILL seeks to hand over the property to your wife and your wife passes away before you, then there is a need to change the same. There maybe various other reasons to change the same from time to time.
5) Tell People You Trust Where Your WILL is
Just imagine that you keep your WILL at the lawyer and the lawyer does not know the individual has passed away. All the close relatives maybe at pains to search where the WILL is kept. Imagine if it is not found after your death. What a catastrophe that would be.
It's very important to tell the people you trust about where you are keeping your WILL.
6) Make specific provisions
Say you have something that you have a sentimental attachment to. You can make specific provisions for the same. This means if you have a family jewellery or a specific work of art that has passed on from generations, and if you like someone specific to be handed over the same, you can make such specific provisions.
7) Do not forget to sign the WILL
There maybe requirement to keep changing the WILL every now and then. In the process you may forget to sign the same. Make sure that you have signed the final one prepared by you.
The above points are rather important when you are preparing the WILL. You might use it as a ready reckoner when preparing the same.