Drafting a will can be a daunting task but following this simple checklist can make the process much easier.
Transcript:
Drafting a world can be a very daunting task but it is very important to have a will in place for your estate planning. If you have a will in place, your family and loved ones are protected when you're no longer around. To alleviate the stress of this task, it is important to be prepared and an easy way to be prepared is by drafting a checklist. The checklist may include the following steps.
The first step it to lay out your assets and have a comprehensive list of your assets and your debts. The list may include the following:
- immovable property
- movable property
- cash and savings
- home loans
- car loans
- etc
Then you can move to your second step. You need to think about your final wishes and jot them down. Identify what your final wishes are, as well as list the beneficiaries that you'd like to have in your will. Provide full names and ID numbers of each beneficiary.
Then you can move to your third step. Your third step will entail you gathering all the documents that you will need to prepare for this will. You need to gather documents such as your ID documents, your birth certificates, marriage certificates, divorce certificates, insurance policy, deeds of property,
funeral policies, a list of your accounts, as well as naming and detailing people such as your legal advisors, your financial advisors, as well as your bankers, to name a few.
Then you can comfortably move on to step four. For this step, you need to choose an executor. Now it's important to choose an executor that is trustworthy, capable and knowledgeable with settling estates.
Then you can move to your final step. In step five, you need to nominate a guardian. This section deals with people who have minor children and it is important to leave your children with someone you trust when you're no longer around to do so.
Drawing up a world can be a very lengthy task but it can be made easier if you utilise this checklist.