5 Things To Include In Your Last Will And Testament
Have you decided that you want to take that first estate planning step and create a will? You'll definitely want to know the things that you should include in a will so that you can start making the big decisions before you meet with a lawyer.
List Of Beneficiaries
Who are the people that you want to leave your estate to after you pass away? Some people keep it simple and have everything go to their children, while others expand their beneficiaries and include other family members and friends. Your beneficiaries are everyone you will be dividing assets among, and a bigger list of beneficiaries will make the will more complicated.
List Of Physical Assets
You'll need to make a list of assets that you will be leaving to your beneficiaries. This includes physical assets like homes and vehicles, but can also include bank accounts, investments, and things of that nature. You'll then need to assign a beneficiary to each asset so that it is clear who would be receiving what.
List Digital Assets
One thing to keep in mind is that many people have digital assets that they do not think about, but are just as important as physical assets. You'll want to list things like your social media accounts, access to online bank and cryptocurrency accounts, NFTs, and anything digital that holds value to you. Then you should make a decision about what happens to these digital assets after you pass away.
The executor is the person that you will trust to manage your estate after you pass away. They will need to secure assets so that other people do not have access to them, to pay off your debts and taxes, and then to distribute the remaining assets as you have outlined in the will. The executor needs to be a person that you trust with these responsibilities since they ultimately are the person carrying out your wishes.
Anyone with minor children should also specify their desires for guardianship. It's an incredibly important decision since the guardians are the people that would step in and take over your role as the parent. You'll want to select guardians that share similar beliefs about how you would want to raise your child, which includes things like their religious values. Guardians should also avoid disrupting your child's life as much as possible, which is why it helps to find someone local to where you live as well.
Contact a will-drafting attorney to learn more.