What To Include In A Will
Nobody ever wants to think about their own death, but it is an inevitability that needs to be planned for. Here is a list of 5 essential things that every will should include.
1. Property List
The first thing to tackle as part of your will is determining which assets/property to include. You will want to lay out exactly how everything will be distributed upon your death. Assets like jointly-owned property, proceeds of a life insurance policy, and/or money in specific retirement accounts should be included in the will.
It’s important to remember that if you are married, you and your spouse should each make a separate will. You may want to only leave your share of assets that you jointly own with your spouse. An experienced attorney can help you determine the best methods possible.
2. Determine Who Will Inherit The Property
Once you have decided which property to include in the will, the next priority will be figuring out who gets what. While this may seem straightforward, things can get complicated if you decide to leave certain individuals out of your will altogether.
After you have made the final decisions, make sure to include some alternate beneficiaries in the event your first choice(s) do not survive you.
3. Pick Someone To Manage Your Children’s Property
If you choose to leave property or money to your minor children, you’ll need to pick someone to manage their inheritance before they become of age. This individual can be considered a property custodian, property guardian, or a trustee depending on the state.
4. Choose Guardians
When you have children under the age of 18, it’s critical to choose the right individuals to raise them should you be unable to provide care. Prospective guardians should be at least 18 years old and should also have a genuine concern for your children’s welfare.
Any special needs of the children should be focused on. Also make sure you are choosing the right guardians based on their overall health and financial stability.
5. Name An Executor
Every will needs to name someone to serve as an “administrator” or “executor”. This individual is responsible for carrying out the will’s terms, which includes distributing assets and ensuring all final debts are paid. Always choose someone you trust completely and that they are willing and able to serve this responsibility when the time comes.
Source:
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- “5 Things You Should Include In Your Will” Davidov Law Group https://davidovlaw.com/5-things-you-should-include-in-your-will/
Speak With Our Estate Planning Attorneys In Phoenix, Arizona Today
Estate planning is the right thing to do for the people you love. It’s another way to say “thank you” to those who love you. Some of the decisions are hard, but at Ogborne Law, we will help you navigate these difficult decisions.
Your Arizona estate planning attorney can help you select a will or trust or both. Your estate solution will work for you. You will have the peace of mind that comes with effective planning for the future. Call 602.343.1435 or contact Ogborne Law with questions.
