![]() ![]() If you have minor children, your will is the perfect place to name a guardian for them should their other parent be unable to care for them for whatever reason (including if both parents die at the same time). Having an alternate executor in mind is a good idea in case your first choice can't serve. ![]() You should make sure the executor will be up to the task of handling your estate and also that the person is open to accepting the responsibility. The person who will handle your estate and the provisions in your will is called the executor. Some debts may become the responsibility of the estate, so you may want to consider taking out a life insurance policy to help cover certain expenses after your death. Make a list of all of your debts, including but not limited to the following:Īlthough you won't be leaving your debts to anyone in your will, it is helpful to get an idea of your estate's overall financial status so you can plan accordingly regarding funeral expenses, probate costs, and taxes. That is, if you are married and your spouse holds joint title on an asset, you cannot leave that property to someone else in your will. When listing your assets, remember you can only distribute property you own solely. Some assets cannot be bequeathed within a will (or may be better handled in other ways such as living trusts), but at this point, you should get all the assets down on paper so you know what you're dealing with. Start with the big stuff like houses, vehicles, and family businesses, and then work your way down to smaller items like jewelry or family heirlooms. Make a list of significant assets you will want to leave to loved ones. At this point, you don't need to specify who you want to receive what just focus on the people involved so you know you won't be forgetting anyone.Īlso know that disinheriting your spouse and/or children may not be possible in some jurisdictions. Listing your beneficiaries may seem unnecessary, but remember recent births, deaths, marriages, divorces, etc., may influence who you wish to include in your will. When you are ready to write your last will, think about who among your loved ones you would like to inherit real and/or personal property from you. It may seem like a daunting task, but this easy-to-follow framework will help you gather everything you need to make a will.Īfter you have all the information and documents you need, making your will is as easy as sitting down and doing it. Having a last will and testament ensures your wishes will be followed and your loved ones are taken care of after your death.
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