While everyone knows that having a will makes everything a little easier on your family after you pass, not everyone knows what your will should include. Before you have your will drawn up, you should carefully consider these five must-haves.
Asset Division
While splitting money up can be easy, possessions cause a lot more trouble. There are memories attached to a lot of items, and more than one person might want something. When dividing up your assets, make sure you designate the new owners of any big-ticket items in your will. For other things, you can either divide them up before you die or you can leave a list of who gets what. This can be tedious, but it can be necessary if there are disagreements.
Donations
You aren’t required to leave all of your money to your family, but you will need to specify who you want to leave it to or it will be distributed according to legal tradition. Be aware that it certain areas, money donated after your death to charity can be considered taxable, so you will want to consult with your lawyer to find the best possible option for donating money.
Designated Guardian
If you have dependents, you should make sure that you designated someone to take care of them in the case of your sudden death. This is especially important for parents who have young children. You don’t want to consider dying while your children are still young, but you don’t know what may happen. Choose someone who will not only be willing to take care of your dependents but is also able to take care of them. Their favorite relative may seem like a good choice, but you need to make sure that it is the best choice.
Choose an Executor
The executor is the person that will make sure that you will is properly carried out, so this is a very important choice. The one catch is that this probably shouldn’t be someone who is close to the situation or that will be benefiting from your will. This will allow them to carry out your will without being personally influenced by what they want. Because of this, many people choose to use their lawyer as an executor. Whoever you end up choosing, make sure that they are okay with this role.
It’s never easy to consider what will happen after you die, but these things are crucial to make sure that your family is well taken care of. Don’t be afraid to consult with your family members and professionals when creating your will in order to make sure that everything is exactly as it should be.
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