When you first start, it's normal for will preparation to seem like an overwhelming undertaking. However, draughting a will is a crucial and essential component of any estate plan. Having a well-drafted Will allows you to feel secure in the knowledge that you have provided your loved ones with the support they require when you are unable to safeguard them yourself.
Will Preparation Checklist
Despite what the general public believes, estate plans and wills aren't only for the very rich or elderly. The fact is that you ought to have a will if any of them apply to you:
- You’re over the age of 18
- You own a home or any other property
- You have a career
- You have any savings or investments
- You have children or other dependents
No matter your age or stage of life, you must draft a will if you fit into any of the aforementioned criteria. If you don't have an estate plan in place, you're basically giving the courts complete control over how the government will handle your affairs after your death. But don't fear, using reputable, validated services like those provided by Trust & Will, creating a will is simple. Actually, you most likely already know nearly all you'll need to finish the procedure in a matter of minutes. Given the peace of mind you'll undoubtedly experience knowing you've taken the necessary precautions to safeguard your loved ones, family, and legacy, we believe it's worth it.
What is probate?
All of the procedures required to administer someone's estate after they pass away are covered by the probate process. The official court order issued by the Probate Registry that certifies the nominated person or people—the executor or executors—have the legal right to handle the deceased person's estate is known as a Grant of Probate (or Grant of Letters of Administration if there isn't a will).