Who Will Be the Executor?
The executor of your estate will carry out the directions of the will, gather and list the assets, pay any debts left behind, and divide the estate among the beneficiaries in accordance with your wishes. Most people assign a spouse or close family member or friend,. This person should also be responsible, reliable, and trustworthy, as an executor’s duties may be both time-consuming and complex.
Who Will Be the Guardian?
If you have children, appointing a guardian in case of your death can be one of the decisions you will make in your will. You will have to ask yourself hard questions, including: Where do I want my children to live? Who has the financial security to raise my children? Who shares my values when it comes to parenting style? Who does my child already have a close relationship with? Sitting down with a lawyer and/or the children’s other parent and reflecting on these questions can help make this decision much easier.
How Will I Divide My Assets?
If you have multiple beneficiaries, such as a spouse, children and/or siblings, you will have to decide how to most equitably divide your assets between them. You may decide to build trusts for your non-adult children, simply liquidate your assets and divide the proceeds equally and immediately, or you may earmark specific assets for different beneficiaries. Here, your primary responsibilities are to ensure your beneficiaries are adequately provided for, and to ensure that relationships between your beneficiaries are not strained in the aftermath.
If you have put the requisite time and thought into your will, you want to ensure that it is ironclad after your passing. For this reason, it is important that a lawyer be involved in the drafting of your will and that all legal requirements are observed.