Most of us don’t like to think about passing on, especially when it comes to our own mortality. But as uncomfortable as it may be, it’s an important topic to discuss if you want to have a final say in what happens to the wealth and assets that you’ve built up over the course of your lifetime. Creating a will may not be enjoyable but it is crucial for ensuring that your final wishes are adhered to instead of placing those decisions in the hands of state law or someone else. To make sure your bases are covered, here are some key things to consider when creating a will.
Who Will Handle Your Estate?
One of the most important decisions you’ll have to make when creating your will is determining who will handle your estate and make those important decisions once you’re gone. The person you choose should be someone trustworthy, reliable and organized enough to handle this delicate and critical task. Before making your decision, talk to the people who you’re considering to see if they’re okay with handling this type of reasonability. They should be aware of your wishes, where to locate your will and important financial documents, along with any passwords and relevant info that’s needed once you pass.
Determine Who Will Get What
Before determining how to divvy up your assets, you’ll need to create a comprehensive list of them, including any personal property, stocks, family heirlooms, valuable collectibles and so on. Also, keep in mind that anything you co-own with someone else will be divided according to your individual share only.
Be Very Clear About Your Wishes
To ensure everything is dealt with properly, and your beneficiaries get what you had intended, be very clear about your wishes and who will get what. This should include unexpected events as well, such as if a beneficiary passes. Having a plan in place for even those unlikely events will keep you prepared and make certain that your personal assets will still end up in the right hands.
Legal Guardian for Children
For those with minor children, you’ll need to decide who will become the legal guardian if both parents should pass. Give careful consideration to who you will entrust with this responsibility and come up with at least two choices. Be sure to speak with them before including them in your last will and testament to ensure they accept and are okay with your decision.
Update it Regularly
Your wishes and desires could very well change over the years, and those who you may have thought would be fitting as an Executor or beneficiary could change. That’s why it’s important to update your will each year to make certain that it still reflects your wishes.
If you’re ready to create your will, contact us at the Beacon Group of Assante Financial Management. Our team will work with you to complete it, including all of the important factors that are needed to ensure your assets and legacy are protected and dealt with as you envisioned.