One of the many things people make when estate planning is a will. This legal document will help finalize your passing for your friends and family and may reduce the chance of legal battles and disputes.
Your will may help dictate your desires after death. Several important details may need to be covered in a will. Here’s what you should know:
One of the main features of a will is asset distribution. You’ll likely have to decide the beneficiaries you wish to inherit from your estate. Otherwise, without this in your will, your assets will be distributed under the guidance of the state, which may cause some assets to go to the wrong person.
Name a guardian
If you have children to consider in your will, you may need to designate a guardian to look after them until they are old enough to care for themselves. Parents often have this included in their will as a backup plan.
Executor of your estate
There is a probate process before your assets are distributed and this could take up to several months. Someone will have to look after your estate in the meantime, otherwise, your assets may be stolen or fall into disrepair before your beneficiaries can inherit anything.
Power of attorney
People often only discuss what a will does after your death, but it may also cover events while you’re alive. A power of attorney may be designated to make financial or medical decisions on your behalf if you’re unfit to make choices yourself.
You’ll need to include legal wordage into your will that states you were of sound mind during the creation of your will. Being under the influence or pushed into making a will could cause a will dispute and cause pain and misery for your family.
You can’t just make a will and be done with it – you’ll need two witnesses to enforce the validity of your will. Without these witnesses, your family may dispute your will as being invalid or written by someone else.
A will is made up of more than these six crucial details and that may require experienced legal help to ensure everything is included in your estate plan.