A will is an essential estate planning document. In addition to facilitating the distribution of assets, a will can determine legal guardianship of children and name friends and charities along with family as beneficiaries of your estate. With a will, you can take important steps to ensure your plans to take care of your family are carried out even after your death.
If you are interested in creating a will, here are a few things to consider.
Who will you name as guardians for your children?
If you have children, decide who you would like to care for them should you and your spouse pass. By naming guardians (and alternate guardians) in a will, you can ensure that your children are cared for by the people you trust most.
Who do you want to be in charge of managing your estate?
The executor of a will is the person in charge of the management and distribution of an estate. Your executor should be someone you trust, and someone who can handle the responsibilities (legal and otherwise). A successor executor should also be named should the first executor not be able to perform the duty for any reason.
What are your assets and liabilities?
Create a list of personal assets that include checking and other financial accounts; life insurance information; and real estate. Also make a list of liabilities such as mortgages, and student and auto loans.
Who will receive your assets?
Have the names and up-to-date contact information of the people to whom you plan on leaving your assets. Also be sure to include any ministries or charities that you would like to support; if they are left out of your will, they won’t receive anything from your estate.
If you have questions or would like more information on Wills and Estate Planning in general, please leave us a message in the comments section or contact us privately.