You might have miles to go before you sleep, but you can keep other things waiting for one responsibility. Prepare a will to distribute your assets to your legal heir. But you neglect this responsibility and keep waiting.
Call a bonafide attorney with experience in preparing wills and initiating the work. Preparing a will is not easy, and there are many things to keep in mind while doing one. However, if you are an enthusiast, this might help you a lot in providing you with good advice. So let us start with the discussion here.
Things To Keep In Mind Before Making A Will For Your Estate
There are certain things that you need to keep in mind while you go on to write the will for your estate. Let us take a closer look at these important things.
1. First, Prepare A List Of Your Property
You have your possessions dispersed and unorganized (don’t need to worry), as most of you face the same problem. Therefore the ABCD of writing the will is procuring the number of things on paper, meaning you have to enlist them. Your estate may include the following:
- Physical assets like house property, jewelry, and others.
- Shares, bonds, fixed accounts, and other bank savings.
- Life Insurance and other policies.
- Joint property or single-owned property that will be transferred to the legal heirs.
- Debts and liabilities.
Call your estate planning attorney, who is knowledgeable enough to prepare wills in UAE. Then, sit with the members, especially the senior members of the family, and discuss preparing a comprehensive list.
2. Hire Expert Advice For Writing The Will
Writing a will is a professional task, and better to leave it to the learned people. You need to find a Solicitor and estate planning attorney who has all the knowledge and experience.
They are well aware of the laws, legislations, and other legal requirements needed to write the will for you. Hire legal experts that have very good knowledge and experience in the UAE Inheritance and Succession laws.
3. Name The Beneficiaries In The Will Properly
While you are leaving the estate to the beneficiary, ensure that you are not leaving anyone. If you do it, you are not doing justice to the individual. If you have some relationship issues with some members of the family, call him/her and discuss things in detail.
In the entire process, let your hired estate attorney take charge. The attorney or solicitors are experienced people who have knowledge of the laws. Remember, you are passing it to the successive generation; take everyone into confidence.
4. Think Of A Person Who Is Financially Dependent On You
While you are writing the will, make sure that you take special note of the individual who is dependent financially. Remember, they are the ones who need your help and service. In addition, try to think about the long-term eventualities while you are preparing the will.
This automatically becomes a sensitive issue for you that requires special consideration. For example, you must keep sufficient money for your surviving spouse before passing it on to your children.
5. Make Sure You Name The Executor On The Will And Details
The executor is the individual responsible for dividing the property among the posterior generation. They do all so that the estate is passed on to the beneficiaries.
When you are planning to write the will, ensure that you put the name of atleast two executors who will be taking the responsibility of dividing the property among the legal beneficiaries if you pass away or find yourself incapacitated in doing the work.
The executor can be some close member of your family, and the individual must be above eighteen years of age.
6. Give The Details Of The Mutual Funds And Other Collectibles
If you have some mutual funds and other collectibles, then make sure you give the details to the mutual funds into your will.
Call the lawyer and ensure you successfully pass all so that you pass them on to the legal heirs. Call the member of your family and discuss things with utmost clarity. Keep things transparent.
The Best Advice At The End
While you are writing the will, tell your legal expert to draft it in the easiest ways possible. This helps keep things clear for you and for all. When a will is free from ambiguity, it eliminates the point of difference between the members of the family. So follow all of them and ensure that you prepare the best will for your family.
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