Ensure Your Will is Ready to Execute
A will is a legal financial document that will allow you to distribute your assets to loved ones in the manner that you desire. Many people put off the task of making their will because it is a reminder of their own mortality and because it requires thoughtful, and sometimes difficult, decisions.
However, if you take the first step, you will find that accomplishing this important task can be a gratifying experience. If you follow these tips, you will ensure that your will is ready to be signed and executed.
Make a List of Your Assets?
To begin making your will, you might think that you need to compile a complete list of your assets. However, most of your assets can be covered with broad language in your will saying something like “I leave whatever I own equally to my children.” This will cover any items that are not covered specifically in the contract that established them. That means that certain things like insurance policies, retirement accounts, bank accounts, etc. will be handled outside the will since they will have a clause that establishes the beneficiary.
Choose Your Heirs
If you have specific items that you want to go to certain individuals, you can then make a list of those you would like to inherit those items. The most likely choices are spouses, children, and siblings, but you may also have other people who have been important to your life that you would like to bequeath something to, to thank them for their love and support.
Bequeath Valuable Personal Items
Personal items are not usually named in a will unless they are valuable enough to be considered an asset. Small items such as jewelry or clothing are not generally listed in a will. Property that you have enjoyed collecting over the years that are likely to increase in value, such as antiques, coins, historic maps and rare prints, should be included in your will, to ensure proper disposition to the individuals you wish to have them.
Name an Executor
You will also need to decide on a person to ensure that your bequests are properly distributed to the named individuals. This person, called an executor, is generally a spouse or adult child, but if the estate is complicated, it may be best to leave the task to an attorney.
The process is of making a will is not difficult, but it does require considerable thought and organization of paperwork in order to provide the necessary details for proper execution after death.
If you take the time now to get your will drafted and signed, you will be able to enjoy living your life, knowing that you have taken care of this important financial matter. Your heirs will thank you for the time and attention you gave to make inheritance matters easier for them.
