Making a will is a big part of estate planning. A will is a legal document that details how your estate will be managed when you pass away. Creating a will involves a lot of important decision-making, so you should take your time when you are planning one. You don’t want to rush into a decision just to have it included in your will. While a will may look different for everyone, there are some basic essentials that should be included. The following things are a few things you may want to incorporate in your will.
Name Your Beneficiaries
Deciding which beneficiaries you will be naming is an important part of making a complete will if you want your assets and possessions to be distributed to specific family members, friends or loved ones. It is a good idea to name two beneficiaries in case the first beneficiary passes away. If you do not have any named beneficiaries, the government may decide who your assets will be passed down to, and they may not necessarily make their decision according to your wishes.
Create a List of Assets
Making a complete list of your assets is a must for any will. This includes cash, property, cars, investments, retirement accounts, life insurance and other types of assets. In your wil you should explain how you want each of your assets to be managed. This prevents any disputes that may occur between relatives and loved ones in regards to who will get control of your assets.
List What Debt You Have
While you are making a will, you should list any debt that you have. Mortgage, car loans, student loans, credit card debt, taxes, and other types of debt that you owe should be mentioned so that your family has an idea of how much your estate is worth. This is helpful especially when planning for funeral costs and other expenses that can arise after your death.
Appoint an Executor
An executor is a person over 18 years old who administers your last will and testament. An executor is usually a spouse, child, or a family member that you trust. However, you may also appoint your lawyer as your executor since they have a stronger understanding of estate planning law and procedures.
Having an estate planning lawyer like one from W.B. Moore, Attorney at Law can save you the time and effort in making sure that your will is prepared correctly. Contact a top lawyer today for a consultation.