Last will and testaments are necessary, especially if you are a couple of properties you need to divide to a number of beneficiaries. This is to prevent any confusion and misperception of who will be getting what, in case something unfortunate happens to you.
But writing a will is not as easy as it may sound. In fact, you need to take into account a couple of things to ensure that your will is fair and just for the beneficiaries. If you are in the process of drafting your will, try this list of pointers as your guide to property will writing:
- Identify your assets
The first thing you need to do when drafting your will is to know what are the assets and properties you will be giving away. You need to do an accounting of your assets (liquid and physical) and properties. Knowing what you will be giving out and their respective amount help you decide how much you will be giving away to specific individual. Also, for those who will acquire your properties, they need to know the amount so they can be prepared for the property tax that they need to pay.
- List down the recipients & beneficiaries
This is definitely one of the hardest thing to do when you are drafting your will. You need to draw a list of people and organizations that will serve as your beneficiaries. You need to decide how much each party would get. Some people are quite wary about deciding who will get what. The key here is to know the person and his/her needs. From there, you will be able to decide the inheritance you will give to them.
- Select your executor
It would be best to get the executor on board the moment you decide to write your last will and testament. An executor can be someone close to you that will facilitate the reading of the will. But if you have a couple of properties to be distributed, it would be best to get a lawyer to serve as your executor. Wills in Dubai can be a bit complicated to draft. Having a legal expert to guide you will make it a little easier.
- Decide a place for safekeeping
Last will and testaments are confidential documents. You need to ensure that it is kept somewhere safe, away from the prying eyes of the public. If you have a safe inside your property, you can keep it there. You can also ask your lawyer to keep it for you for the meantime.