Why it’s a good idea to have a will
Having a will is one of the most important financial and legal steps you can do for yourself, and your loved ones. Not only will it spell out exactly how you’d like things to be handled once you pass on, it will make the process of your passing easier on your loved ones.
The steps to create a will simple and include choosing an executor, appointing a guardian if you have dependents, and identifying your assets and property.
Choosing an executor and guardian
This is a person close to you designated to make sure your wishes are known concerning your property. It will also include naming a guardian for your dependents or your children.
Identifying your assets & property
Generally, most people leave the bulk of their assets and property to their spouses and children. If this is the case, it isn’t necessary to create a detailed list of all of your possessions. Of course, if you have special items you want to go to specific people, be sure and list them out.
Updating your will
Many people will put off the drafting of a will because they feel their financial situation may change before their passing. However, you can update your will as your circumstances change, so it’s really never too early to reach out to an estate attorney that can assist you in drafting a will.
What if you pass without a will
If it’s unclear what you intended to do with your assets and property, the government may hold onto them for an extended period of time, and can involve litigation and stressful bureaucracy. By drafting a concise and comprehensive will in consultation with an estate attorney, you can dramatically ease this process.