abbby wrote:Anyone had their wills done? I have a few questions regarding the will:
- Do you have to update the Will every time your finance change/properties change/stocks change..?
- Who do you pick as the administrator of your Will?
- Who do you pick as the executor of your will?
I understand point 3 executor usually someone you can trust and younger than us?
Some pointers would be appreciated.
It depends how you write the will.
Eg; if you say something like
all my assets go to my spouse or
50 pct to my spouse (named) and 50 pct to my only child (named).*
You could just ensure that you maintain an updated list of your assets, bank accounts, loan details, etc that you keep in a safe place that the executor can access.
Of course, if you own multiple properties and you want different people to inherit each house then you will have to update your will whenever you buy/sell a
property or change your mind as to who should receive which house.
Choose your executor well - there will be no payout from the estate if the executor chooses to delay the process - there is no legal remedy for this until the delay is “unreasonable”. Sometimes it is not evil intent, it is just a person being a procrastinator or disorganized.
Before going to a lawyer (personally better to pay for professional services than doing it yourself and messing it up), I recommend reading a few books about this and being clear on your wishes first.
https://www.preceptsgroup.com/book-purchase/
*you should always update when your family grows/shrinks especially if you need to add in a guardian for a new child.
Sent from my iPad using Tapatalk