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Now that you have decided to make a Will? what is the next step to take?
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Now that you have decided to make a Will, what is the next step to take?

 

There are 6 steps that a person needs to take upon making his/her decision to write a Will which are:

1) Establish one’s wealth distribution objectives prior to nominating beneficiaries and the estate allocation. Some of the objectives would include to provide adequate income to dependents to maintain their standard of living, to preserve family legacy and sentimental assets as well as to provide for non heirs, special needs and donations.

2) Analyze and evaluate one’s state of assets by compiling all the related documentations such as insurance policies, certificate of unit trusts and others. This information gathering is essential as the facts and figures are crucial to establish an accurate one’s assets profile

3) Nominate beneficiaries and allocate assets for them as per one’s wealth distribution objectives.

4) Appoint a trustworthy executor with the capability to execute the Will in a reliable manner

5) Get assistance from a reputable Will Writer to assist in writing the Will

6) Ensure that the Will is kept in a safe place and inform the Executor on his/her appointment as Executor as well as the location where the Will is to be kept