Selecting Key Person (Part 1)
Even when you use online wills services, you will still need to gather some information beforehand. This will help you write you will faster and complete the whole process rather than having to stop and redo everything again later.
When you draft your online Will, you will need to make decisions about who your key representatives are. These are the following people.
1. Decide on your Executor
An executor is the person or persons who will carry out the instructions set in your Will. Choosing the right person as executor is vitally important if your assets are substantial.
The executor should be available and reliable. Some online Wills service will automatically select your spouse as the first executor with provision for alternate executors, in case your spouse predecease you or is unable to act for any reason.
You can appoint an attorney firm as your executor if you choose to.
2. Choosing a Guardian
If you have minor children (usually below age 18), you should appoint someone as a guardian for your children. Usually, your spouse is the guardian but you nominate a guardian in case both of you die together or your spouse dies first.
Guardians can be close relatives or friends who love and care for your children. It is prudent to get the guardian’s consent that they will take on this responsibility.
I suggest you consider the following factors in choosing your selection:
- age of the proposed guardian
- emotional character and stability
- sufficient time to provide proper care to your children
- financial ability of the guardian to provide for your children
- similar religious beliefs to you and your spouse
- location of the proposed guardian
When you review your Will from time to time, remember to think though your selection of guardians. As time pass, your guardians may have a growing family as well and they might not be able to take care of your too children. Since online wills are fairly cheap, you can change the guardians when it is appropriate.