A will is an important document that can help secure your wishes are carried out after you pass away. It is the best way to ensure your family and loved ones are cared for and live in peace after you are gone.
The will in estate planning shows how you want your property to be divided after you pass away. Include every asset in your will, from money and investments to real estate. Name the person or people who will be in charge of managing your estate after you pass away. If you need help drafting your will, you should schedule your consultation with a lawyer who can assist you throughout the process.
Estate planning: What to include in your will
You should add the following elements to your will for estate planning.
Identifying your beneficiaries is the most important element of will planning. Beneficiaries are the people who will receive the assets after you die. It can be anyone from family members, friends, charities, and other organizations. You have to list your beneficiaries’ names, contact information, and the specific assets you want them to receive.
An executor is a person who is responsible for carrying out the instructions in your will. It can be a family member, friend, or professional like an accountant or attorney. Ensure to list their name and contact information.
If your children are under 18, you should add a legal guardian to your will. It will ensure that your children are cared for if something unexpected happens to you.
Burial and funeral instructions
You can mention how you want your funeral and burial to be handled. You can include the type of service you want, where you want to be buried, who will officiate the ceremony, and who should be invited. Adding instructions for your funeral and burial arrangements in your will allow the family to honor your wishes.
You can list the specific assets you want to distribute to each beneficiary. It can include bank accounts, real estate, investments, and other items.
It is also important to add alternate beneficiaries in your will if your primary beneficiaries die before you.
Debts and taxes
You have to add instructions for how you want any debts and taxes handled. It can include who should be responsible for paying them and how much they should be paid.