Planning your will is everyone’s least favourite subject. But it is incredibly important. Today on the show we talk about 5 keys elements every will should have.
Picking an executor
Your executor is the person who manages the will and actually implements everything that you want after your death. So you need to make sure that you pick the right person. It should be someone who’s younger than you and someone that you trust implicitly.
What do you want to happen to your assets? It could be your children, spouse, brothers, sisters, cousins or even a charity. So really think about who are your beneficiaries, and what you’re going to be giving them.
You may want to actually give specific gifts to certain people. It can be property or a car or anything else you own.
What should happen to your family heirlooms? Detail each item specifically and dictate who should get what. Be sure to tell everyone about what they will receive prior to your death so everyone is on the same page.
Storing your will
This is really crucial. Make sure if something happens to you suddenly that your family and friends and your friends and colleagues know exactly where your will is. So normally a copy would be held by your lawyer.
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More about this Show
We started Business Legal Lifecycle to create a simple way for you to understand complex legal terms. Most importantly we want to help you to develop a plan to take your business successfully into the future. There’s a startling statistic the underscores the importance of developing a solid plan. The majority of business owners are just seven months away from losing everything. A single aspect of your business that is not set-up correctly can shut down your whole operation very quickly. Legal advice is not cheap and even when you can afford it there is often a divide between lawyers and their clients. We want to close that gap once and for all. We want to put legal knowledge and tools into your hand to prevent the worst from happening to you.
Twice a week we are going to deliver those tools right to your home or office with Business Legal Lifecycle TV. We’ll start the week with Fast Fix Monday, a short 5-10 minute video that will tackle a single issue that businesses have to deal with. Then on Wednesday’s our main show will feature with more fulsome discussions and interviews all delivered in a straightforward and easy to understand format.