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Things People Often Forget to Include in a Will

Posted by : Premraj | Posted on : Wednesday, April 30, 2014

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If you are over thirty years of age and have some possessions in form of assets, investments or savings it is wise to make a will. After your death strange problems arise regarding possession and division of your assets and belongings in the absence of a will. The importance of a will is not felt if there is little or no asset. This document assumes critical proportion in case you have sufficient assets.

The importance of a will is well understood by one and all. It is a document that is to be prepared with immense care and if possible with the assistance of a law professional. Despite the importance of this document there are several things that people forget to include in it. Though making a will is your sole responsibility, your heirs could be consulted. It is a common observation that if beneficiaries or heirs are dissatisfied they might contest a will. To prevent such incidences a will must be drafted thoughtfully and if possible under legal guidance. You must never forget to include the under mentioned in a will.

Funeral arrangements – This is usually not given any importance to in a will. Funerals involve money and are done as per conventions. If however you want that your funeral be done in any particular manner it is advisable to mention it likewise in your will. Things get easier for people around you.

Donation of body parts – This wish of yours should be included in a will. In case you want certain organs to be donated, it is better to clarify that in writing. Donating body parts is a sensitive issue and must be addressed accordingly.

Disinheritance clauses – These are actually serious issues which could result in bitterness among beneficiaries of your will often to the extent of contesting it. By not mentioning anybody you do not want to get benefited through your will is not sufficient. It is necessary to disinherit such a subject through a will. Only after disinheritance through a will could a person not become a beneficiary of the same. Not mentioning disinheritance clauses indicates a probable trouble.

Residuary beneficiary – It is essential to mention a person or persons who would be receiving all that is left after clearance of debts, payment of taxes, and handing out of gifts. While making a will the interest accrued on an investment or on a loan might be overlooked. In principle a residuary beneficiary would become responsible for receiving such benefits. In absence of a beneficiary, court would appoint an executor who would be responsible for allocating these among family members or heirs. Decision taken by an executor might not be to the satisfaction of individual beneficiaries of a will. Thus you must not forget to mention a residuary beneficiary in your will.

Choosing an executor – Instead of court appointing an executor, it is better that you specify someone in your will itself. An executor should be an able administrator and trusted by everyone. It is necessary that an executor is fair in his decisions and respects sentiments of the deceased.

Provision for pets -Pets should not be left out of a will in case you own any. It is not that you name your pet as beneficiary. Instead you could name a person to care for your pet and allot a certain amount for your pet’s sustenance and caring.

Clear instructions of ways of debt repayments – Until and unless there is clear mention of how you want your debts cleared off, an executor could adopt any means as per his or her discretion. Debts might be paid off by selling jewellery, property, or from bank accounts.

About the author – Hugh Friedman is a specialist property lawyer and helps in litigations involving wills, personal wealth and assets. Even if you desire to contest a will he may be approached. He writes blogs on topics that are of relevance and increase awareness of a general viewer.

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