The Process of Drafting a Will
One of life’s greatest mysteries is death—but that doesn’t mean you can’t take some steps to plan for the future. One such step is drafting a will, an important document that outlines how your assets should be distributed after you pass away. Whether your estate is big or small, crafting a will ensures your loved ones are taken care of and that your wishes are respected. But how do you go about drafting a will?
Drafting a Will
Failing to make a will can cause chaos and confusion for loved ones left behind. Firstly, you need to understand what a will is – it’s not just a document that leaves your prized stamp collection to your cat (although that bit can be fun). A will sets out how you want your assets distributed after you die, who should inherit what, and who’ll take care of any dependents or pets. With no legal guidance from a will, the state takes over – and do you really trust them with everything? Plus, drafting a will gives you the chance to leave behind one final sarcastic remark for your loved ones to roll their eyes at. Now, before you start scribbling down your last wishes on a napkin from the nearest bar, take note that there are certain legal requirements for drafting a valid will. You need to be of sound mind and have full capacity to understand what you’re doing (so maybe hold off on the tequila shots). Secondly, your will needs to be in writing and signed by yourself or someone else in your presence (preferably not a stranger in line at Starbucks).
Step 1: Establishing Goals
Nothing screams “fun times” like contemplating your own mortality and divvying up your earthly possessions. But fear not, dear reader! Establish clear goals for what you want to accomplish with your will. First things first: think about who you want to inherit your assets. Do you have children? Siblings? A beloved pet that deserves a trust fund? Make a list and prioritize it based on who gets what (and how much). Next, consider any charitable organizations or causes that are near and dear to your heart. Are there specific ones you’d like to leave money or property to? Don’t forget about appointing an executor (aka someone responsible for carrying out your wishes), as well as guardianship for any minor children or dependents. It’s important to pick someone trustworthy who can handle the responsibilities of executing a will without any issues (i.e. someone who’s honest and responsible).
Step 2: Gather the Necessary Information
Figure out what assets and liabilities you have. No, we’re not talking about your emotional baggage (although that should probably be addressed too). We mean your financial assets like bank accounts, investments, property ownership, and debts like mortgages or loans.
Step 3: Draft Document
It’s time to grab your pen and paper because we’re about to dive into Step 3: Draft Document. That’s right, it’s time to draft that will you’ve been putting off for far too long. Make sure you have all the necessary information at hand. Who will be receiving what? Who will be in charge of executing your final wishes? And most importantly, who gets custody of your beloved cat Mr. Whiskers? It’s time to start putting pen to paper. Now, before you get too carried away with your poetic waxings about how much you love Mr. Whiskers (we get it, he’s adorable), remember that clarity is key when drafting a will. If the document is too vague, it could cause unnecessary problems for your beneficiaries.
Step 4: Sign and Notarize
Congratulations, you’ve made it to Step 4: Sign and Notarize in the exciting world of drafting a will! Now that you have all your ducks in a row, it’s time to make things official. You might be thinking, “But wait, I already signed my name at the bottom of the paper.” Sorry, champ – we’re not talking about scribbling your John Hancock on any old piece of paper. This is serious business.
To properly sign and notarize your will, you’ll need to find a qualified notary public. These folks are like the bouncers of legal documents – they check ID’s and make sure everyone is who they say they are before letting them into the exclusive club of legally binding contracts. Once you’ve found a notary (try looking under rocks or asking Siri), it’s time for some signature action.
Final Thoughts on Drafting a Will
Drafting a will can be a daunting task. After all, nobody wants to think about their own demise or what might happen to their assets after they shuffle off this mortal coil. Let your family know your last wishes, so they aren’t left wondering! So, if you’ve been putting it off, it’s time to bite the bullet and get started.
