Image by Kirill Petropavlov

Conventional Will

Conventional Wills

A typical of Conventional Wills

A typical will consists of  the following.

Make a decision on the Executor of the will . This is the person or persons who will administer your estate when you pass away. Upon your death your assets are termed as an estate when you pass away. Choosing an Executor is quite important if your assets are substantial.

The Executor must be honest and trusthworthy. If you don’t have confidence in anyone, then you can choose a trust corporation to be your executor. If your assets are not that large, then it is quite common to select one or more of your beneficiaries to be the Executor. You need not finalize the person, but at least have 2 or 3 names as potential people.

Choose a Guardian . If you have children below age 18, you should nominate someone as a Guardian. Usually, your spouse is the guardian but you nominate a guardian in case both of you die together or your spouse pass away first.

Guardians would most likely be relatives or friends who love your children. Again, speak to them first and get their consent.

Beneficiaries . These are people who would benefit from your assets. Usually, they would be family, relatives and/or friends, but it can include charity organization or anyone at all. If you choose to leave everything to only one person say your spouse, then have alternative beneficiaries in case your spouse don’t survive you.