A Will is reassuring, as it allows you to express your deepest wishes and support those you care for, even after death. To make sure nothing important is left out of your Will, here are a few things that need to be considered.
Estate Planning
To make sure that nothing is forgotten when drafting a Will, make a list of everything you own and everything you owe. This can include insurance policies, pension benefits, bonds, shares, account details, royalties, joint properties or assets, debts, and physical possessions.
Financial Dependents
It’s common for there to be people who are dependent on the income of the deceased. If that’s the case, and those people need continued support, then what their future might hold should be considered when drafting the Will. This can include care fees for surviving children, a spouse or other family members.
Naming Beneficiaries
If an estate is left to more than one beneficiary, then the Will needs to further explain how the estate will be shared amongst them. It’s best to be as specific as possible when dividing up sums of money, an estate percentage or valuable possessions, as a lack of direction can lead to serious problems.
Naming an Executor
The Will’s Executor is an individual who’s responsible for paying any and all outstanding debts while distributing any gifts among the beneficiaries. Your Executor should be someone you trust and know will carry out your wishes. You should also have an alternate Executor if the first person cannot or is unwilling to act as your Executor. An Executor can also be a beneficiary, but being an Executor can be complicated, so whoever’s chosen needs to be capable of accomplishing the job.
Expressing Wishes
The wording of a Will needs to be done carefully and clearly so that those who are both reading the information and receiving it understand what you wanted. This ensures that the wishes set forth are clear and accomplished what they were intended to, without any guesswork or misunderstandings.
Inheritance Tax
An inheritance tax is a tax that is applied to the value of the estate before it’s passed onto the beneficiary. It’s the Executor’s job to make sure this tax is paid. While the rules surrounding inheritance taxes are complicated, there are many online resources available for additional information.
At Wendy Fuller Notary Public, we’ve been helping the Vancouver community with their notary requests for over 15 years. To make sure you don’t miss a step when writing up legal documents, call or email us if you’re in need of notary services. We can help with legal documents, real estate transactions, power of attorney, investment properties, and other official documentation.