Did you know that writing a will has become more apparent during the pandemic? A recent report showed an increase in estate planning among many individuals. In fact, 32 percent of young adults have got themselves a will due to the COVID-19 crisis. This is expected because of the threats to the health and lives of numerous people. Plus, the pandemic has brought economic and financial uncertainties across the globe. Therefore, individuals must come in financially prepared and ready for what lies ahead.
In this article, we’ll delve into the importance of writing a will amid the pandemic. Keep reading to learn what writing a will entails and how to earn some estate planning tips.
Will in a nutshell
For the uninitiated, a will is a legal document that details your wishes about the distribution of your assets and the care of your minor children after your death. It usually covers all your belongings such as your finances, properties, and other prized possessions.
There are two types of succession in the event of your death: testamentary succession and intestate succession. The former is when the distribution of your assets will be according to your will. On the other hand, the state will decide for you if you die without a will. For the most part, they will legally presume your assets to be passed on to your spouse, children, or other family members.
How to write a will
There’s no definite format for writing a will. This means that a will can either be typed or handwritten. However, take note of the three key players when writing a will:
- The testator — The person who writes your will.
- Will executor — The delegated person who will ensure the proper distribution of your assets.
- Witness — You need two witnesses who will justify your testament.
When preparing a will, you must consider all the vital aspects of your finances. These include the following:
- Movable and immovable properties
- Financial investments
- Bank accounts
- Jewelry pieces
In addition, it’s best to get your will registered to ensure its legitimacy and avoid possible fraud. Finally, consider hiring an estate planning lawyer. This is to ensure your will is made within the bounds of law and to have your best interest in mind.
Estate planning tips for making a will
If you’re on the lookout for estate planning services, here are some tips for you:
- Check your options for estate planning services. Either search online for prospects or get some recommendations from family, friends, and colleagues.
- Take ample time to set your estate planning in place. Don’t rush and immediately decide just because of the pandemic.
- Anticipate and adapt to changes in the traditional estate planning process. That’s why it’s best to work with a specialized attorney who knows the ins and outs of estate planning.
- Do your homework and perform due diligence before making a final will decision.
- Know that a verbal agreement is not legal and binding, so you need to put everything in writing.
- Keep in mind that you are never too young to have a will. You can make one as early as now and make some revisions in the future if you must.
- Getting an attorney for making a will isn’t mandatory. However, having one can make a world of difference in ensuring the legalities of your will.
Why a will is important amid a pandemic
At this point, you may be asking why setting a will in place is important during the pandemic. There are a handful of reasons you must consider doing so. Take note of the following:
- You decide who gets your assets.
- You ensure your assets won’t fall into the wrong hands.
- You decide who gets to take care of your children in case you die.
- You ensure your heirs will have access to your assets faster and easier.
- You can save your estate money on taxes while giving gifts and charitable donations.
- You avoid creating conflicts among your family and relatives in the event of your death.
- You can prepare for what lies ahead, knowing the pandemic has caused a lot of uncertainties.
- You can keep your loved ones financially secure in the event of your death.
Writing a will amid the pandemic is now more important than ever. When making a will, be sure to work with a highly reputable lawyer with your best interest in mind. Also, consider some of the estate planning tips recommended above. Ultimately, estate planning gives you the utmost peace of mind, knowing that your assets will fall in the right hands and that your loved ones will be protected in the event of your death.