Writing a will not only helps to prevent family conflict after your death, but it also ensures your assets are distributed according to your wishes. Read the article below to learn the various considerations to make when writing your will. 

Current Contracts

Your will should not contradict prenuptial and postnuptial agreements. For instance, if you have an agreement stating that your partner will inherit your property once you die, your will should not state otherwise. Alternatively, you could choose to nullify earlier agreements to accommodate the conditions of your will. 

Beneficiaries

From the onset, you should have a clear picture of whom you would want to inherit your property. It would be unfortunate if your beneficiaries were unable to manage the estate. At an early age, train your children on how to handle the various aspects of your business. If you are sure that they cannot manage the estate, your best option would be to place the estate under a trust.

Trusts

Property placed under a trust is managed by a third party (trustee) on behalf of beneficiaries. In most cases, the trustee manages the property until the beneficiary meets a predetermined condition such as attaining legal age or getting married. The trustee must act in the best interests of the beneficiary. Therefore, he or she cannot make any decisions that will make the beneficiary lose his or her inheritance. The trustee can be a beneficiary or a third party entity such as a property management company. 

Executor 

An executor is a person who manages your estate from when you die up to when beneficiaries receive their inheritance. He or she will file probate, pay your debts and pay the estate taxes. Therefore, he or she must be someone you trust. 

The Legality of Your Will

Engage a wills and estates lawyer when writing your will. He or she will ensure that the document is legally binding. Some of the requirements you must meet include the following.

1. The will's wording must be precise. It should not have contradicting clauses.
2. You must be mentally sound when writing the will. People below 18 years of age cannot write a will.
3. Each page of the document should contain your signature and the date on which you signed the will.
4. The will must contain two witness signatures. The witnesses do not have to know the contents of the document. However, they should see you signing the document.

A will is the best way to ensure the financial wellbeing of your family once you die. Hire a wills and estates lawyer today to help you write and update your will.