There are many different estate planning documents. A will is an important estate planning document that can help to properly plan your future.
If you want to learn more about the importance and need for a will, some information is below. To incorporate a will into your estate planning or if you have any further questions, consult with an experienced estate planning attorney.
- Everyone needs a will! Everyone over the age of 18 should have a will.
- A will can always be changed as long as you are alive and well.
- Certain life changes may result in the need for an updated will.
- When creating a will, an executor (or someone you trust to manage your estate) must be appointed.
- It is important to choose a responsible and trustworthy executor.
- A will is used as an instructional guide to distribute assets after you die.
- Without a will, your assets may not be distributed as you had planned.
- If a will is not executed properly, it can be challenged.
- A will allows you to select guardians for your children if you pass away while they are still minors.
- Drafting your own will can result in errors! It is recommended that you consult with a professional when drafting a will.
- It is not recommended to include funeral instructions in a will because generally funeral arrangements will occur before a will is reviewed.
- A will should not list assets that are jointly owned. These assets will automatically be transferred to the other owner after your death.
- Do not list assets that have a beneficiary designation. This includes life insurance policies and retirement accounts.
If you have any questions about the need for a will, consult with an experienced estate planning attorney.