While estate planning may seem like a daunting task, there are ways you can create the documents you need without becoming too overwhelmed with the entire process. The last will and testament are often one of the most critical documents, as it will dictate your final wishes.
Having a comprehensive last will and testament will ensure your loved ones will understand how to handle your property. Not only is it important to understand how the document works, but what to include in it.
What factors should you address when drafting a will?
When creating a last will and testament, there are a host of factors to consider to ensure your final document is inclusive. Although you can update and revise your will at any time during your life, it is important to make sure you have the information documented properly. The following are items to include in your final will, according to the U.S. News:
- A guardian to your children
- An executor to your estate, or the person who will oversee your final wishes
- The property included in your estate
- Beneficiaries, or who you would like to receive what
- Terms or boundaries outlining when beneficiaries may receive assets or property
You must be specific and clear as to what you would like done to alleviate any possible confusion.
What are some important steps to remember?
You can either draft your last will and testament using a credible software program or speak with a professional. Once you legally sign your finalized document, remember to keep it in a safe and secure spot.
Whether you had your first child or are retiring, having a last will and testament in place is critical. You never know when something may happen to you and having this document ensures your property and assets are protected once you pass.