Wills that include designating ownership of property should be planned well in advance of your death. If a business ownership is going to be left to one child and not another, mention the reason why in your will. Without a proper explanation the other child could easily contest the will, and your final wishes might not be granted. Make sure that your words backing your actions will be easily understood and accepted by all persons involved.
When there are multiple beneficiaries appointed, make sure that you leave the business to those who are physically and mentally able to handle to the legacy. Do not leave a business to a child or adult that has no business sense. In fact, leave it to the person who has already had an active hand in the business. Moreover, it might not be wise to leave the family home to a family member who owns multiple homes. Instead consider leaving it to the family member who owns none. Think carefully. Avoid a family rift and animosity after your death. Think about what would best fit the beneficiary instead of thinking about who has visited you more often during your lifetime. Once you die you no longer will have a say in such matters. It is important that you give this a lot of thought and pre-planning.
An important matter that should be taken care of prior to your death is planning your funeral and designating your final resting place. Do you want to be buried below the ground? Do you prefer to be laid to rest above the ground in a Mausoleum? Do you want to be cremated? What do you want to be done with your ashes?. These matters should not be left to the discretion of those still living. Funeral arrangements should be decided upon and explained to family members while you are still alive. All of your funeral expenses should be paid for in full prior to your death.
Write down the names of all members of your family who are of legal age at this particular time. Think about each of their financial abilities and capabilities. Decide which one person would be most able to handle your estate when you die. Those who are below legal age, at this particular time and date, can be considered at a later date when they age.
Guardian or Trustee
A minor will need a trustee or guardian if they are named in the will as receivers of property or money. If they do not have one appointed, their parents will be legally in charge of any inheritance left to them. If this is not in their best interest, contact a lawyer and find out what would be the best way to handle this. Do not wait too long. One never knows when death will come knocking at their door.
Consider Carefully Whom You Appoint
Think carefully about whom you select as your beneficiary. There are times when a friend, cousin or adult grandchild would make a better beneficiary choice instead of your own son or daughter. If you fail to leave a beneficiary to care for your estate, the courts will make the choice for you. Moreover, they might very well appoint someone that you would not approve of. If you are in doubt, speak to a lawyer and get the proper legal advice.
Decide On All Of The Details While You Live
Dying is inevitable so plan ahead. Purchase your cemetery plot while you still live. Make a list of all those who you want to invite, the type of flowers to be placed on your coffin, and pick out the outfit you want to be buried in. It is also wise to purchase your final resting place while you are still alive.