Writing your will is one of those things that you tend to put off until the very last minute. In fact, many people never even get around to doing it, which leaves their families in a big bind once they pass away. Therefore, the importance of crafting a will of what you want done with your assets when you die cannot be overstated. Creating a will does take some time and effort on your part, and you may need some help from a financial planner and a lawyer. To help get you started on crafting a valid, well-written will, here are a few tips:
Tip #1: Make a List of Your Assets
Your first step is to figure out everything that you own and write them down. This includes far more than simply your cars and real estate. It also consists of bank accounts, stocks and bonds, life insurance, pension funds, etc.
Tip #2: Make Sure Your Children Are Protected
Your will must say how you want your minor children protected, if you have any, in the event that you and your spouse both pass away. In other words, you must set up a guardianship. You need to find someone who can provide them care and someone who manage your money and property that you leave your children. This individual can be the same person, but the individual can be different. Make sure to always name a back-up guardian in case the first one passes away or decides to back out. Consider writing a letter about how you wish for your children to be raised and how you want your property and money to be distributed to them over the years.
Tip #3: Determine How You Want Your Property Distributed
This is very straightforward, as you simply need to outline if you want to leave all of your assets to your spouse, or everything to your children, or if you would like distribute it evenly between your spouse and your children. If you have specific requests, make sure to write them out and be as detailed as possibly to ensure there can be no confusion. Your executor will be responsible for carrying out these wishes. Speaking of your executor…
Tip #4: Make Sure to Choose Your Executor
An important part of crafting your will is to choose someone you trust to be your executor. The executor is the person who will see that your wishes are all carried out as you have written out in your will, and that any of your debts, taxes, etc. are all paid. Ultimately, when you have someone in mind for this job, check with them first to ensure that they are willing to do it. Some people do not feel comfortable with these responsibilities. Also, it is a good idea to have a back-up executor in the event that the first one passes away before being able to carry out his or her job for you.
Contact a company, like Delphi Wealth Management Group, for more help.
