Some advice for creating your will

Anyone who is approaching their estate plan for the first time will be informed that a will is essential. It is one of the key building blocks for your estate plan. If you die without a will to your name, it means you will die "intestate." This means that state laws will apply to your assets, property and finances, and a judge will pick an administrator to oversee and distribute your assets and property to beneficiaries.

Obviously, this isn't an ideal situation. Not only would your last wishes not necessarily be respected (because someone else would be administering your estate without your wishes on paper) but your beneficiaries and heirs may not get from the estate what they necessarily deserve, given what your last wishes would have been.

This post serves as two things: as a motivator for people to create theirs wills (if they haven't already), and to inform people about what you need in your will.

You will need an executor for your estate. This is usually a trusted companion or a family member, but it can also be a bank or an attorney. You will also need to choose your beneficiaries, but that's a given. A guardian can also be something that you include in your will if you want someone to take care of financial responsibilities and general care responsibilities in the event that you are incapacitated later in life.

You will want to make sure that your will is compliant with the laws and "official," so bringing in an attorney to review your will is a good idea. You should also update your will frequently, as major life events -- such as marriage, divorce, or having a child -- will obviously want to be reflected in your will.

Source: Wise Bread, "What You Need to Know About Writing a Will," Andrea Cannon, April 20, 2016

Categories: Wills