If you’re considering writing a will, that’s the first step toward preparing for your future! Writing a will can provide direction for your family and friends after you’ve passed. Here are 4 things you don’t want to forget about when writing your will.
State Clearly Who Will Be Your Executor
The purpose of a personal executor is to make sure that all the wishes in your will are carried out. It might be wise to ask a friend, not a family member, to be the executor since grief can make decision-making very difficult. Additionally, state who you’d like to replace the executor if he is unable to take this responsibility when the need arises.
Name Your Beneficiaries
A beneficiary is the person (or people) who receive property, money, assets, and other items in the event of a death. It’s important to list who you’d like to receive each specific item to avoid confrontations or other issues. Although most beneficiaries are family members, you can give your items to friends, charities, associates, and the like.
Address Your Finances
Many people pass away with expenses, debts, and taxes that need to be addressed. Make sure you write out how these finances should be handled. Most people will include a bank account number in this section of their will so the person responsible can easily address the various financial aspects from one account.
Determine Who Will Take Care of Pets
Whether you own a farm or only one small dog, all animals are considered property. When determining who will take care of your pets, write down their names in your will and how much money should be given to them to care for the animal(s).
These are 4 out of many important elements to put into your will. To make sure this document is thorough and adequately written, reach out to a WHGM attorney. We will gladly help you write this document, making sure all your wishes are spelled out! Contact us today.