August is ” Make a Will Month”! Here are some questions for you to ponder before making a will. Or, the questions can help you review your current will to suit your current stage of life and family changes.
Why Having a Will Matters
Having a will in place allows direct asset distribution by deciding who receives your property instead of letting state laws decide. It will also protect loved ones as you are the one to appoint guardians for minor children or dependents. You will reduce family stress and prevent legal disputes and confusion during difficult times because the hard decisions are already in place.
You may choose to leave your assests to support charities, make planned gifts or leave a legacy to non-profit organizations and those wishes could be spelled out in your will.
How to Participate
When it is time to make your will, gather important documents. List your bank accounts, properties, investments, and valuable personal items. You will want to think carefully and thoughtfully as you choose your beneficiaries. Decide clearly who gets what and name a trusted executor. You may want to consult a local estate attorney to make certain it legally binding.
Steps to Choose an Executor
An executor manages your estate and carries out your final wishes. Pick someone organized, honest, and good with deadlines. Assess their reliability before choosing that person. Then confirm their willingess to act as the executor before officially naming them in your will. A local executor can handle physical tasks much easier than someone in another city or state. And name a backup as an alternate in case your first choice cannot serve.
Information Needed Before Makin a Will
Gathering these details makes the drafting process faster. Collect your asset list including documents of your bank accounts, properties, investments, and valuables. List your mortgages, credit cards, car loans, and personal loans.
Contact details are invaluable so write full legal names and relationships of all beneficiaries. And we live in a digital society so digital access including passwords and locations for important digital accounts are extremely helpful.
How to Name a Guardian for Minor Children
A guardian raises your children if you pass away before they turn 18. As you consider the guardian of your minor children, evaluate their lifestyle. Choose someone with shared values and parenting styles. Ensure they can handle the financial responsibility. It’s important to have an open conversation about this major life role. You can consider choosing someone to be the guardian of your children and someone else to manage the children’s inheritance. If that is the choice you make, having that conversation with both parties would make the transition easier for everyone.