The underlying principle when preparing your will is that the document must serve its intended purpose. Ideally, it describes your last wishes and how you wish to bequeath your assets. The article below details some will preparation tips that every testator should consider. 

Establish What You Own

Your will can only contain assets directly registered to you or a company or a business you own. Therefore, if you have not transferred an asset that you bought or inherited to your name, it would be wise to do so before writing the will. If your estate is in debt, determine how you will repay these debts. For instance, you could opt to exclude an asset from the will and use it to settle debts. You could also opt to sell assets that are bound to depreciate or those that beneficiaries cannot manage. For instance, you could convert online securities such as cryptocurrency into liquid cash. 

Establish Your Beneficiaries

Most people assume that wills only include their immediate family members. However, you could use the will to reward your close friends, loyal employees or associates. Your direct beneficiaries are entitled to a share of your estate. It could be your sibling, parents or adopted child. Kids from previous unions you may or may not know about can also claim a share of your estate in court. Therefore, you should conduct a thorough assessment to know who to include and exclude from your will. If you choose to exclude a beneficiary, include an explanation letter to bar them from disputing the will. 

Determine A Suitable Asset Division Strategy

Typically, you can divide your assets as you please. However, it would be wise to share assets according to the capabilities of each beneficiary. It is a sure way to ensure a lasting legacy. You could also use trusts to manage your estate. For instance, a real estate development could be put in a trust, with beneficiaries enjoying profits without direct control of the asset. 

Protect Your Will From Disputes

An experienced wills and estates lawyer will develop strategies to protect your will from disputes. For instance, they will ensure that the document meets the legal criteria of your state. Besides, the lawyer will help you avoid contradictions when writing the will. They will also amend the document using codicils to reflect your current financial situation. Finally, proper storage will prevent incidences of duplicate or doctored wills. 

When preparing your will, assess your assets, determine your beneficiaries, go for a reasonable division strategy and protect the will from disputes.