Preparing for the Future: What to Include in a Will
It never hurts to complete your will. You don’t have to wait to get ill or reach your golden years to make a will. Consider making a will to outline your wishes.
Data shows that 45% of Americans have a living will. You might think that completing a will is a daunting task. With an easy-to-follow framework, you can know what to include in a will.
You’re in luck. This is your ultimate guide. Read on to learn about the most important things to include in a will.
Who Will Be Your Beneficiaries
When the time comes to do your will, you must think about who among your loved ones will be your beneficiaries. These can be persons, charities, or organizations.
Your beneficiaries will receive your possessions after you pass on. They might receive gifts or a share of your residuary estate, or both.
You might think that listing your beneficiaries might not be necessary. Keep in mind that if you don’t list them, your loved ones might fight to get in your will.
This tends to happen among siblings who fight over their parent’s assets. It’s important to prevent a financial and emotional battle.
Guardianship of Children
If you have children, you should consider making a will. If anything were to happen to you, you want to make sure to leave your child in good hands.
You can secure your wishes for the future of your children in your will. Think about naming a guardian. The guardian you name will care for your children if you or your partner die.
Name an Executor
You must name an executor in your will. You can’t create a will without one. This will be the person or organization responsible for carrying out your final wishes.
Make sure your executor is up to the responsibility. Consider having a discussion with the person you plan to name as the executor. Think about naming an alternative executor in case your first choice can’t serve.
Include Your Assets
Much like you have to outline your beneficiaries, you should also list your assets. Start with the major assets. These include your houses and any businesses you own.
Then, you can move on to the smaller items. These can include your jewelry and family heirlooms.
You can only distribute property you own solely. If you and your spouse are married and share title on a property, you’ll not be able to leave it to someone in your will.
If you need help dividing your real estate property in your will, you should hire a real estate attorney. This type of attorney can help you establish a trust.
Now You Know What to Include In a Will
Creating a will and trust doesn’t have to be a hard task. If you know what to include in a will, you can outline your wishes. Make sure to include these elements in your will.
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