Estate Planning: 3 Tips for Preparing a Successful Will
Every person comes to a point when they feel the need to plan their estate. This is an essential step, especially if you want your chosen dependants' interests to be safeguarded after your death. However, Do you know what it means to have a successful will? If not, keep reading to understand what this is and the measures that you can take to ensure successful planning of your estate.
What is a successful will?
A successful will is a will that is easily executable without disputes or an extremely lengthy probate process. This is determined by the manner in which you prepare this document. So, how do you plan your estate in such a way that every beneficiary and interested party is satisfied with your wishes?
Below are some useful tips that you can follow when planning your estate to ensure that you prepare a successful will that will guarantee a smooth probate process.
Explain your choices
One of the reasons why people contest a will and get a favourable ruling is due to vague clauses in the document. If you decide to leave a significant portion of your estate to a distant relative, estranged child, or even an ex-partner without explaining your decision, this leaves room for family members to contest the will. When dividing your estate, give reasons as to why each beneficiary is receiving a portion of it. The explanation will limit disputed as everyone will want to respect your decisions even if they don't agree with them.
Choose the right executor
The executor of your will is a critical player in the probate process. If you choose an executor with whom one or more of the beneficiaries has a feud or rivalry, this increases the chances of a contest. So, any parties that have disputes or have had major feuds in the past should not be entrusted to execute the will. If possible, do not choose a family member. Find a trustworthy probate lawyer who can handle the pressure and responsibility that comes with the task.
Make necessary updates
Nothing can invalidate your will faster than obsolete clauses within the document. If you prepared your will ten years ago, there is a chance that some of the things in it are not applicable at the moment. For example, you may have included a beneficiary who's already passed away. Also, you may have sold part of the estate and forgot to make changes in the will. Keep an updated will by revising it every time you make changes to your estate to avoid disputes.
Contact a probate lawyer so that they can help you prepare a successful will that will be executed with minimal or no disputes.