Creating your Will can be a task you avoid as you are admitting to your eventual death. Having a will becomes a priority for many Kenyans after the age of 50. Regardless of your age, creating a will is an important part of your financial planning.
In simple terms, a will is a document that helps you determine who will inherit or receive your assets and property, collectively called your estate. As the writer, you are called the testator. Your estate can range in assets. It includes your property, financial assets and anything else you own, ranging from furniture to personal items. Below is a comprehensive steps you’ll need to take in creating your will.
1.Determine properties to include
Start by figuring out what your actual assets are. This process can be enlightening and informative, as you realize what is of true value and what is not. If you are married, both of must write your own separate wills.
2. Figure out who you wish to give your assets to
Determine who you want to give your assets to. It may be multiple people and even organizations. Figure it out. Have backups as well because death can be uncertain and people you may have chosen as beneficiaries may not live beyond you.
3. Select an individual to be in charge of your estate
A will has a person that you choose to carry out the terms of the will. Figure out who you want this to be and check in with the person that he or she will do this for you and can be available to do so when needed.
4. Choose a guardian for your children
If your children are under the age of 18, you must decide who you want to appoint as guardian to raise them in the event that you and or their other parent is not able to.
5. Get a property guardian or trustee
Safeguard your children’s property by selecting someone you trust to be your property guardian or trustee.
6. Creation
Armed with all this information above, you can create your will. Take your time to do it right and read it several times. You can share your it with people you trust to get feedback as needed and to make sure you have thought comprehensively about everything you need. Many people use financial planning services to help them carefully draft out their wills.
7.Be sure to authorize it with witnesses
Sign your will with at least two witnesses present. You may also want to have a notary sign it if you decide to use the it and simplify the final steps through the courts
8. Keep it in a safe place
Be sure to keep your will in a safe place. Your executor should know where it is and be able to get it when