When you’re young, you don’t think about preparing your will. You’re thinking about the future and all of the great things you’re going to do.
You’ve got plenty of life ahead of you and preparing a will seems very morbid. You should know that just because you have a will, it doesn’t mean that you’re preparing to die. It simply means that you’re being responsible in case the unthinkable happens.
Continue reading this article to learn more about what to include in a will.
The 411 for Preparing Your Will
Whether you’re using a law firm like Lees & Lees or if you’re trying to prepare the will on your own, you need to know what to put in a will. The following information is key to have in your will.
1. Itemize Your Assets
Before you can start putting your will together, you need to know everything you have to will to people. You may not think of all of the assets that have you have so here are some things to keep in mind.
- Investments
- Retirement Funds
- Credit Cards
- Bank Accounts
You may also have nontraditional assets such as digital assets. You may have a website for a business or other online properties that have value.
2. Assign an Executor
An executor will be in charge of your estate when you pass. You should 100% trust this person with everything that you have if you give them this task. Some people choose not to use people that they know but instead use a company that takes care of things for them.
If you use a company to take care of your estate after your passing, this takes unneeded pressure off of your loved ones.
3. List Beneficiaries
Anyone that you want to receive anything in your will needs to be listed. If you don’t list them, they aren’t going to get what you want them to get.
If you want to add someone to your will, don’t forget to update it.
4. List Legal Guardians
If you have underage children, you need to list legal guardians and special requests for the children. You may also leave the life insurance to the legal guardians.
You can speak to an attorney about the best way to structure your will and life insurance so your children will benefit from it.
5. Digital Legacy
Much of your life is online which means that you need to list who you want to take care of your accounts once you are no longer here. Facebook has a built-in option that allows you to assign someone to your account in case you do pass but many other websites do not have this feature.
Deal with Your Business
Now that you know more about preparing your will, what other matters of business do you need to learn about? Browse through our website and bookmark your favorite parts to come back for more great reads.
