So, you want to create a will? For many individuals, this is the first step in the estate planning process. It doesn’t matter how old you are, it doesn’t matter where you live, if you have reason to believe that you need a will, now is the time to get started with the process.
While some people understand the basics of creating a will, others are on the outside looking in. They realize that they need to do this. They also realize that they don’t have the first clue as to where they should start.
It is always a good idea to consult with an estate planning attorney. This will go a long way in helping you better understand your situation, as you will have a professional on your side every step of the way. On top of this, you know that the person is available to answer your questions, no matter what they may be.
If you are ready to create a will but unsure of what to do, there are a few basic steps you can take to put yourself on the right track. Here are five things you absolutely need to do:
- Decide what property to include. Just because you are creating a will does not mean you have to include every last piece of property. There are times when you may want to leave something out of your will for one reason or another.
Tip: make a comprehensive list of all your property, as this will ensure that you don’t overlook anything.
- Make a final determination as to who gets what. This is one of the biggest decisions to make when creating a will, as you need to decide who will inherit your property.
For some, this is a simple decision. For instance, you may want to leave everything to a spouse or child. Others, however, are not in a situation that is cut and dry. For this reason, they need to think long and hard about who gets what.
- Select an executor. Every will must name an executor. This is the person who is responsible for carrying out the terms of the will once you pass on. Since this person is staffed with some very big responsibilities, make sure they are trustworthy and able to follow your directions.
- Choose a guardian for any minor children. Do you have children under the age of 18? Rather than take a risk in regards to who will raise them if you pass on, it’s important to name a guardian.
- Sign and store. Once you create your will, it is time to sign the document in the presence of at least two witnesses. At that point, you can find a safe place to store your will.
Tip: it is imperative that you tell your executor where your will is located. If they are unable to find the document once you pass on, they are unable to carry out your wishes. In other words, don’t hide your will in a place that only you can find.
There is more to creating a will than following these five steps. For example, you will have to answer a variety of questions, such as: is your life insurance policy and will on the same page, or do the two documents contradict each other?
Even though there are other details to address, these five steps will have you on the right track in no time at all.
Do you have any specific questions about estate planning and creating a will? Are you ready to learn more? It is time for you to take in one of our free seminars. By doing so, you can become familiar with the process of estate planning. You can also learn what it takes to successfully create a will.
We understand that it can be difficult to think about the future, but this is something responsible adults are willing to do. Our team is available to assist with all your needs, which is why we schedule a variety of seminars throughout the year. If you want to attend one of these events in the near future, don’t hesitate to visit our website to collect more information.