Writing a Will? 4 Things to Include in It
Writing a Will
Nobody wants to think about their own passing, but it’s important to prepare for the inevitable. With this in mind, writing a will should be one of the first tasks you complete when planning for the end of your life.
Your last will is a guideline for your family that will help them honor your memory by completing your final wishes.
To get you started, here are four essential points to include in your will.
Beneficiaries
Your beneficiaries will inherit your money or property after you pass and may include spouses, children, extended family, and friends.
This may be the most important part of your will, because inheritance problems are a common cause of family conflict.
By specifying on paper who your beneficiaries are and what they’ll be inheriting, you will eliminate a lot of conflict and confusion.
Assets and Debts
Your assets include property, vehicles, businesses, liquid funds, and smaller objects like fine jewelry and heirlooms.
Meanwhile, your debts can include mortgages, outstanding loans, credit card bills, or taxes. While your family won’t inherit your debt after your passing, your estate may still be responsible.
Listing your assets and debts can clarify the financial status of your estate and make it easier for loved ones to execute your will.
If you have complicated finances or a lot of debt, you may consider retaining a will attorney who will make sure that nothing gets overlooked as you write your will.
Executor
The executor of a will is the person who locates your assets, distributes inheritances to your beneficiaries, and upholds other directives that have been outlined in the will.
Your executor should be someone you trust who is open to taking on the responsibility, like a close family member.
Guardians for Minor Children
If you have children who are minors, appointing a guardian ensures your family will be taken care of in case you pass and the other parent has also passed away or is unable to take on care.
This eliminates any potential custody hearings, which can be distressing for young children who have lost a parent.
This section should also include your plans for your child’s inheritance and how it will be handled.
For example, many parents choose to have a trust set up upon their passing, which their child can access once they become of age.
To make your passing as easy as possible on your family, plan ahead and start writing a will and testament.
Then, make sure your loved ones know where to find it, and keep it updated regularly to ensure it reflects your final wishes accurately.
Category: Law
