Creating a will with the help of a financial advisor is one of the most important things you can do for your loved ones. Therefore, creating a will is a must. A will protects your assets in order to be passed down to your heirs without any unnecessary hassles.

You should be actively planning for your will so you can stay in control over who gets what of your property. This will give you a peace of mind knowing that your assets will end up in the right hands.
There are 6 things you should know about writing a will:

1. What happens if I die without a will?

A person who dies without a will is said to have died intestate. This means that the person’s assets are distributed based on the laws of intestacy. The laws of intestacy are based on legal relationships and not how much certain relatives may have meant to the person or what emotional attachment certain relatives may have to specific assets of the deceased.

2. Do I need an attorney to prepare my will?

You don’t need an attorney to prepare your will. You’re able to create your own will, but it must meet legal requirements in order to be valid. However, an experienced attorney can provide useful advice, especially if you’re an individual with large assets.

3. Who should act as a witness to a will?

Any person who is an adult and is not included in your will as an executor or beneficiary can act as a witness to your will. This will prevent the potential of any conflict or interest in the event of a dispute. In addition, your witness may have to appear in court if there is a question about the validity of the will. Therefore, you should choose a witness that is likely to remain in your life.

4. Who should I name as my executor?

An executor is responsible for making are your last wishes are carried out. You can choose your spouse, children, or close friend to be an executor. You can also choose an attorney or someone with legal and financial expertise as your executor. Furthermore, you should discuss the responsibility with the person you’ve named as your executor before you complete the will form. Your executor can choose to decline the responsibility if he or she hasn’t yet undertaken the required duties so you should choose more than one executor. 

6. How often does a will need to be updated?

You will need to update your will in many different circumstances such if a change in relationship occurs, a beneficiary dies before you, any major assets are purchased or sold, or you moved to a different prove, state, or country. The most important thing to keep in mind is that the only version of your will that matters is the most current valid one at the time of your death. It’s recommended that you review your will once per year to be sure that no changes are necessary.