I wrote a will

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Just writing a Will does not relieve you of your responsibility. In order to keep your family safe and protected, certain more steps should be taken.

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Presentation Transcript

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I wrote a Will .... now what do I do? Just writing a Will does not relieve you of your responsibility. In order to keep your family safe and protected, certain more steps should be taken .

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Allocation of Non-Probate Assets Normally, the assets mentioned in the Will controls only a small portion of the total assets. The assets mostly consist of non-probate ones that must be allocated amongst the befitting persons.

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Life Insurance: Return from life insurance investment falls beyond the control of the Will. The beneficiary or nominee names should be duly updated in the policy to avoid inconvenience and additional expenditure in claiming the policy proceeds when the same falls due . Joint Assets: Assets co-owned by joint holders such as jointly owned bank accounts or real estate assets are not controlled by the Will; such assets directly pass to the survivor upon death of the co-owner. Hence, you must assess your holdings to have better understanding of the claimants to your Will. Retirement Accounts: The retirement accounts fall outside the purview of the Will; since these assets requires benefactor to be named who shall benefitted by virtue of the asset created by the proposer. Clear Titles: The assets which are clearly titled to be transferred or payable to any particular beneficiary in the event of the death of the proposer cannot be controlled by the Will executed by you.   

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Inform your beloved ones Your effort for writing the Will for transferring your assets amongst the beloved ones would go waste, if no one has the knowledge of the Will.

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List your assets: Make sure that you prepare a list which shall contain all the details of your belongings and the same should be updated with every addition to your assets at once. The list should be comprehensive and contain detailed information of every kind of asset. Also, inform your attorney about such list who shall be responsible of transferring the assets to your heirs in accordance with the Will. Safe custody: Make appropriate arrangements to preserve your Will in original in a safe and trusted place till the hour arrives for putting the same into effect. Keep your heirs informed about its existence and the place or with whom it is kept. You may keep the original Will with your attorney, if he agrees so, or with the court by paying a nominal fee. Note varieties: Be kind enough to share information of your tangible as well as intangible assets such as digital accounts, online financial accounts and etc , so that the same can be handled by your descendants after your death.   

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