Let’s face it, no one wants to think about the possibility of not being there for their family, consider their own mortality. But when it comes to making sure your family is taken care of financially if something happens to you, then it is worth it. Tomorrow is not promised, so it is best to plan for their future while you still can.
Important things to include in your will
The last will and testament you create is a legal document which states who should receive your possessions when you die. With this in mind, there are some important aspects of your will that are very important to include in it. Such as:
- Guardianship of your children- if you are a parent and pass away leaving your spouse behind, then your spouse will raise your children. However, if you both pass away while your children are still young, you can appoint someone to take care of them. The person should be someone you trust and your children get along with. They should also share your religious beliefs, values and lifestyle.
- Assets- You should make a detailed list of all your assets. It allows you to distribute your bank accounts, valuables, money and more. It will also tell who gets your property. Joint assets like your home or bank accounts will go to your spouse automatically. Retirement accounts and life insurance policies have beneficiaries attached to them. Be sure to keep the names current, so the funds will go to the right people. Do not forget to include the small cherished items, such as jewelry that you may want to leave to a grandchild perhaps.
- Executor of the estate- This person can be a friend, relative or even a professional like an accountant or attorney. They will oversee handling the distribution of your property, processing claims from creditors and filing taxes on behalf of your estate. It should be someone you trust to make sure your wishes are carried out.
- Beneficiaries- these are the people, originations or charities that you name in your will to receive your assets.
- Power of attorney- this is the person who makes decision for you when you are no longer able to. It may mean taking care of any personal choices or even finances.
You do not need to have an attorney present to draft your will. Sometimes you can even do in online. When you do decide to write your will, just be aware of some important items to include, so you will make sure your family is taken care of.