A will is a legal document in your estate plan that can help your family move on after you pass away. It’s essentially your last wish.
It goes without saying when dealing with any kind of legal document, that it can be confusing, especially for the first time will makers. You may not know where to start when planning out your will. Here’s what you should know:
Asset distribution and beneficiaries
Your will should include an itemized list of all of your assets. This could mean everything from your savings, home and vehicle to your clothing, books and heirlooms. Your assets aren’t just going to anyone, however – you’ll be able to designate who your beneficiaries are.
You may state that your spouse will inherit all of your assets. Or, you may consider distributing your assets evenly to your children. It, ultimately, depends on who you believe deserves to inherit from your estate.
Executor of your estate
Your estate will have to go through a probate process. Probate is a time between your death and when your estate is settled where your will and estate are evaluated and distributed. During this time, someone needs to look after your estate while it goes through the probate process – that’s where an executor of your estate steps in.
Your executor will handle many of the steps to ensure your estate is protected and maintained. For example, they’ll gather several copies of your death certificate to collect certain benefits. They’ll also look after your estate and ensure it doesn’t fall into disrepair.
Power of attorney
Last but not least, you should consider designating a power of attorney. A power of attorney has less control over what happens after you die and more control over more important matters while you’re alive. In other words, they’ll make financial and medical decisions on your behalf if you’re incapacitated in an accident or medical condition.
When making an estate plan, it may be in your best interest to reach out for legal help to ensure you’re taking the right steps.