If you are running a business, it is prudent to plan in the event of your death. Consider the effect of your death on your family and business. Upon your death, your family will be faced with the issues of the continuity of the business as well as the impact of death taxes. It is therefore important that you have a will to help avoid many issues for your business and family while minimizing the effects of taxes on your estate.
Your will can provide guidance to your family on what should be done about your business. But how do you write a will?
Gone are those days when we had to go through the unimaginable, terrifying ordeals of creating a will. Besides, no one wishes to kick the bucket anytime soon. However, as the internet evolves, more IT solutions are being created to tackle different challenges we face from time to time. Such solutions have also extended towards the creation of a will. These days, you do not need more than 15 minutes to write a valid will that can be tendered in court. You may be wondering how this is possible. We will walk you through on how to write a will online.
What Is A Will?
A will is a legal document that determines the allocation and ownership of your finances, belongings, and property after your demise.
Do I Need A Will?
This is an important question many people ask. It is not mandatory to create a will. Nevertheless, having a will can help your loved ones when you are no longer alive. You also need a will for marriage or divorce, property settlement, or charity.
Whereby an individual dies without a will, his estate will be shared amongst his family members based on intestacy. Such actions may go against your wish, and in worst cases, your estate may be seized by the government. To prevent such from happening, you need a will.
The Requirements Of Writing A Will
There are various laws governing the creation of a will, depending on the state. However, the fundamentals remain the same.
- The testator – the creator of the will – must be 18 years of age and have a sound mind.
- The will must be written; pictures, PDF formats, or photocopies are not recognized. In some states, holographic/handwritten wills are permitted, whereas other states prefer typewritten or pre-printed documents.
- The testator must append his signature and date to the will in the presence of two or three witnesses, depending on the state’s requirements.
- Beneficiaries are not allowed to be witnesses.
- Although not mandatory, witnesses may sign a “self-proving” affidavit to validate the will.
Before you create a will, ensure that you check with the requirements of your state of residence. You can easily create a will here: https://willstrustslpa.co.uk/serviceareas/online/.
What’s Next After Writing A Will?
Once your will is in place, you can take the following steps to ensure that it is duly enforced after your demise:
Keep It Safe
It is important to place your Last Will and Testament in a safe place. It is of no use if your loved ones are unaware of its existence or are unable to locate it. Also, the last thing you want is your will falling into the wrong hands. A jointly-owned safety deposit box is one of the ideal places to keep your will safe.
Your lawyer should have a copy of the will. Notify your family members about your will and how to get it should they need it. Any changes in the will should be documented in the existing copies.
Complete Your Estate Plan
Bear in mind that the Last Will is just a section of your estate plan. You can as well create a Living Trust, Make a Living Will, or hire a Power of Attorney.
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