Whether you have been trying to get well established for years or you have recently decided it is the best time to create one, there are many aspects to consider before preparing one. If you continue reading, you can be reminded of some of the important questions to ask yourself when you are considering beginning or finalizing your will. Keep in mind that preparing a will is very important if you live in Saudi Arabia or any other GCC country and you are an expat.
Who will receive your personal belongings?
There are a few options of who may serve as the executor of your will. If you are married, people typically make their executive their spouse. Other individuals often make their children their executors or siblings. Your bank may also be an executor, and this is typically done if all of your family die and your belongings need to be distributed still. It is suggested that your legal heirs create a Power of Attorney, in which they can agree with a Bank Account Number and beneficiaries. If you are of a different country or your beneficiaries are, the Foreign Office of your country and the Saudi Embassy/Consulate can help certify the Power of Attorney. The beneficiaries that are decided upon receive dues for the final settlement and your belongings.
Is charitable giving an option?
Often individuals choose to include charitable giving within their will to give money to charities for which they are passionate when they themselves are deceased. Do you support any organizations or ministries currently? Are there any you have always admired but never had the time or money available to help? Including such charities in your will can help the charity and allow you to be content with knowing that your funds are going towards a cause to which you are faithful.
Have you chosen guardians for your children?
If you have children as minors when you are deceased, you will need a guardian for them. Do you have one person or family who you would especially want your children to be cared for? You don’t have to put multiple names if there is one person you sincerely want to entrust with your children. Many parents name their own parents or close relatives as guardians for their children in the case that they become deceased.
How much should your spouse know?
The depth of information you tell your spouse regarding your will is completely your choice. Though many spouses are well aware of their significant other’s will so that they are prepared and can easily help in decisions after their spouse’s death. It may always be a smart choice to have a drawer or safe spot at home where you keep important documents and where you can keep your will. Assets and liabilities should be included, and make sure your spouse is aware of where these documents can be found in your home.
If you are unsure how or when to get your will started or just interested in learning more about creating a will in Saudi Arabia, engage an expert on Serviis.com