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How to Make Your Own Will

June 20, 2011 | Comments: 0 | Views: 73

Heirs, usually consisting of family members and close friends, will divide up the assets of someone after death. Failure to complete your will before death could result in your possessions going to the government, so it's important to make a will, even if you expect to be living for a long time. It's never too early to be prepared for the future. If you want the protection a will provides, but don't want to pay to have an attorney write it, you can learn to do it yourself. These are the steps to follow when creating a will:

1) You start by putting the date and your whole name and mailing address on the top of the page. Writing in blue pen is helpful because then the original and photocopies will not be confused.

2) Then, write that you are of sound mental health and contractual capacity.

3) Your civil information should be included - whether you have a significant other, live alone, divorced, or not living with your spouse. After selecting your marital status, please elaborate by stating how long you've been married or divorced.

4) Have you revoked any other wills you may have made before this one? You need them to fulfill this will's request, and disregard the former will from the last 20 years.

5) An executor should be appointed as a next step. The executor is in charge of carrying out the wishes expressed in your will. Should your executor predecease you, you want to have a back up appointed. In case you intend to reward the executor, here is where to include it. Name your executor as the one who is to arrange your funeral and pay any outstanding expenses such as debts or taxes. Dividing up your assets now can avoid the hassle of it later.

6) Here you get to have loads of fun, figuring out the division of assets. You can either divide your total assets into percentages to assign to certain individuals, or you can specify which assets you would like to leave for certain individuals. An example would be, "85% of my possessions goes to my mate, Bernese Johnson," or "The house I own belongs to my mate, Bernese Johnson." My son, George Johnson, I leave to you my savings fund. When your time comes, you can also leave your assets to your children. They should receive it only upon turning 18 or 21. Be careful to include all your assets on your list, including any company shares, savings accounts, stocks, cash, bonds, real estate, businesses, etc.

7) Please check that you initial every paper and sign on the bottom line of the last paper, close to the date. A witness is needed to sign plus make a note of the date.

For more information, check out Make Your Will

Source: EzineArticles
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