What’s Everything I Need to Know About Wills?

What’s Everything I Need to Know About Wills?

Writing a will is a critical part of estate planning. A will contains your legally binding directions for the distribution of your property and responsibilities, when you pass away.

Like the title says, Money Check’s recent article, “Guide to Writing a Will: Everything You Need to Consider,” sets it all out—from soup to nuts.

Do it myself or hire an experienced estate planning attorney? It’s wiser to hire a qualified estate planning attorney to help you draft your will. There are many heartbreaking stories of people who decided to do it by themselves and missed important steps. If that’s the case, the probate judge will not recognize the will and will take control of the estate. Don’t let this happen to your family. Use a legal professional.

Name Your Heirs. List all of the people you want to include in your will. You can omit or include anyone you want. If you do want to leave out a certain family member, be sure you clearly indicate that in the will. You don’t have to explain why you decided to include or exclude family members from your will.

Name an Executor.  Select your attorney or a close family member as the executor.

Select a Guardian for your Children. Name a responsible and willing guardian for your minor children. You should also be sure to discuss your decision with the potential guardian.

Be Clear on the Assets Beneficiaries are to Receive. Avoid vagueness or questions in your will. Clearly explain who gets what. This will help avoid confusion and disputes among family. A thoroughly crafted will prevents stressful and upsetting situations from happening to your family, after your passing.

Include Your Final Wishes with the Will. You can leave your will and a final letter to your family with your executor. This is also called a letter of last instruction.

Get Your Witnesses. When you’re ready to sign your will, be sure to sign it in the presence of a notary public (your estate planning attorney). get a witness (or two depending on your state’s laws) of legal age, over 18-years old and not a family member or relative, to sign the documents.

Keep Your Will Somewhere Safe and Accessible. Store your will in a safe place, where your family can get to it when you die.

Reference: Money Check (October 23, 2019) “Guide to Writing a Will: Everything You Need to Consider”