Estate planning is an important part of life. When planning and writing your will, there are many different things to consider. A properly executed will can outline how you want your assets distributed after you die. Everyone needs a will. Take the following things into consideration when planning your will.
- Decide what assets will be listed in your will. Take the time to list these assets. Make sure you do not list property that is jointly owned, assets that you’ve transferred to a trust or assets such as retirement accounts and life insurance policies because these already have named beneficiaries. Speak with your estate planning attorney about what assets you should and shouldn’t include.
- Decide who will receive your assets. Once you have taken the time to think about which assets you want to include in your will, you can now decide who will get what. It is a good idea to also choose alternative beneficiaries in case your main beneficiary does not survive you.
- Choose a guardian for your children. It is important to consider who you would want to care for your children if you were to die. When choosing a guardian, make sure you pick someone who has similar ideas of parenting. You also want to choose someone who loves and cares for your children.
- Decide on an executor. Pick a responsible person that you trust to be your executor. This person will be in charge of following the wishes in your will and managing and distributing your assets.
- Work with your estate planning attorney to finalize the document. Your estate planning attorney will guide you throughout the entire process. It is important to get the help of a professional so that all of your questions are answered and so that you have the proper planning in place.
If you have questions about creating a will, consult with an experienced estate planning attorney.