Last week, we looked at some tips to keep in mind when drafting a will. Today, we dig a litter deeper with additional considerations regarding how assets are owned, and how you may wish to leave certain assets behind.
Vague or general instructions can cause your surviving family and friends to argue and fight over how your will should be distributed. Avoid the likelihood of this situation by speaking to an state lawyer. He or she will be able to assist you as you make your wishes clear, and that your estate plan has been carefully laid out.
As outlined by national insurer Sun Life Financial, there are a couple of key considerations you should confirm regarding property before you draft a will:
Confirm Ownership Of Your Assets
Sometimes, people don’t own what they think they own. Property may have been sold offer years before, but is not reflected in wills that were not updated. As a result, certain assets may no longer be in the testator’s power to give away to surviving family and friends.
It’s essential to confirm the ownership of your assets. Ownership will impact how you may choose to draft your instructions and administer your estate. If certain properties were jointly held with rights of survivorship, the property may no longer belong to you after you pass.
The same situation occurs in business. Certain ownership rights, and share transfer rights, may cease upon death. Confirmation of such details can help your surviving family and friends, and employers, avoid litigation headaches in the future.
Update Your Will
It’s common for individuals to update their will after a marriage, and after the birth of children. However, not many major life events occur in later years. It’s recommended that people review their will every five or so years to factor in changes they may neglect. These changes can include buying and selling properties, the creation or dissolution of a business, or buying and selling business assets.