When it comes to creating your will, there are some important details that you must include in it so that it will be understandable by those who read and execute the document. Instead of creating a will based on templates from the Internet, it is better to consult with an estate planning attorney to assist you with this. It is also vital that you take inventory of all your assets and debt so you'll have an idea of how you want your assets to be allocated by your survivors upon your death. Here are additional things to include in your will.
Guardianship of Your Children
You're a young parent, but sudden death or a terminal illness can cause your children to need a guardian. Talk with different family members and trusted friends and find out if they would be willing to be your child's guardian. You should also choose someone who is financially stable, reliable, and whose beliefs on parenting are similar to yours. If you have a living trust for your child, state the age that your child should be before he can access the funds.
Name Your Executor
Another thing you should do is name the executor of your will. You don't always have to name a family member if you feel that he or she will not carry out your wishes properly. Maybe you are choosing to name a close friend as the executor based on his solid character. Choose an executor who is financially stable. It's also wise to name a replacement executor should the original one passes away or is unable to perform the duties.
Choose Your Beneficiaries
If you have a significant amount of assets, then you'll need to decide who the beneficiaries will be when writing out your will. Maybe you've decided to give your business to your grandson since your adult children are not interested in running it. Or you might have a property that you want to pass on to your daughter and son-in-law for them to own or use as a rental property.
Notarization is Important
Once you write a will, the next step is to get it notarized along with two witnesses. The witnesses you choose cannot inherit the assets stated in your will, and they need to be people you know and trust. This makes your will legitimate in the eyes of the court.
No one likes to think about their funeral and burial plans, but this is something you should include in your will. Discuss where you want your funeral and burial to be held and how you want the funeral to take place. This would be helpful should you will be read before the planning takes place.
Update Your Will
If you recently married, had a baby, divorced, or remarried, you'll need to update your will so that you can add new beneficiaries to it. As soon as you experience a new life change, you should make changes to the will. If you move to a new state, you'll need to update your will because the will is carried out in the state you live in at the time of your death.
What Happens Without a Will
When you don't create a will, your assets and beneficiaries could be determined by the probate court. The aunt who you didn't always get along with could get custody of your children or the sister who is jealous of you could inherit your wealth upon your death. This is why having a will is important.
In conclusion, when writing your will, these are things that you need to remember to include in it.
If you need assistance with creating your will, contact us. We are here to ensure that the estate planning process goes smoothly.