Writing DIFC wills is not as easy as it sounds. On the contrary, you need to devote time on deciding what kind of inheritance will be given to a specific beneficiary. It would be best for you to know the process and what you need to do to ensure that your last will and testament is well-written and impartial.
If you are in the process of writing your will, it would be best to go over these pointers first and see how you can apply it:
- Prepare the necessary documents
Writing a will is not just about having an executor jotting down your instructions. Before anything else, you need to prepare the necessary papers. You need have copies of property contracts, up-to-date financial statements and other documents that concerns your assets. These documents need to be annotated and notarized to ensure its authenticity. Preparing these documents later might cause delays and other issues like outdated property contracts.
- Pick the right executor
Most of the time, people pick executors that are close to them. But for objectivity and fairness, it would be best to pick an executor that is not, in any way, related to you and your beneficiaries. A lawyer would be the best choice for this task. A legal professional can guide you on drafting a well-written will and also check for any legal issues that might compromise your last will and testament.
- Choosing the guardians for a family member
This is important, especially if you have family members who needed to be taken care of in case of your untimely demise. Appointing a guardian is necessary for parents who have small kids and elderly parents. Be sure to appoint someone who you think will take good care of your loved ones in case something happened to you.
- Know how much you own
This maybe is one of the first things that you need to do when you are drafting your will. Knowing your assets and liabilities would help you make fair distribution of your properties to respective beneficiaries. Make an accounting of all your possessions – from lands to your precious china. Get more info about your belongings before you draft your will.
- Be fair and just on distributing your properties
It is definitely hard to be fair when you are deciding what properties will go to specific beneficiaries. Try to determine what they need so you can decide what to give and how much would be fair for them to receive.