A last will and testament is something everyone should create. It ensures a smooth legal transfer of your assets to whomever you choose and also prevents any debate or altercations among family members and relatives over the contents of your assets.
Not many people go through with this and those that do, often find themselves confused about what to do. If there are any loopholes or irregularities in the Will that are overlooked by the person writing the Will, there is a chance that someone will come forth to contest it and throw the entire process into disarray.
Here are a few things you can do to make your Will more difficult to contest.
This is the most basic step you can take to ensure your Will is legally binding and structured according to your wishes. The law is an extremely intricate environment to navigate. Loopholes and exceptions to certain rules as well as precedents set by landmark cases can break an ironclad Will wide open.
This, combined with the fact that tax laws and legal fees keep changing, makes the entire ordeal a very painful one without legal assistance. Even if you are very well versed in the law and think that you can handle this yourself, it is probably a good idea to hire a lawyer to sift through all the paperwork for you.
Joint ownership, whether it pertains to a bank account, a piece of real estate or a trust, can often make the entire business of executing a Will easier. Joint ownership means that in the event of the demise of one of the owners, the other owner automatically receives all the assets.
You can even make it so that in the event of one of the owners’ demise, life insurance can be paid to specific beneficiaries as per the rules of the joint ownership contract.
It helps your case incredibly if you transfer part of or all of your assets while you are still alive. This avoids the complications that come along with transferring assets after your death such as legal fees, taxes, etc. There are certain laws that the government has introduced to tax the transfer of assets after death.
Wills are tricky to make iron clad and governments and law firms usually try to find ways to get citizens and clients what they want. With a little careful planning, you can make sure that you draft an incontestable will.