Every person can benefit from creating a will, not just the elderly and the ultra-wealthy. Having a last will and testament allows you to decide how you would like your assets divided after you pass. If you die without a will, the state has complete control over the distribution of your estate, and you might not like what they decide.
Here are 4 ways to create a solid will:
- Choose Someone Trustworthy as Executor
The executor of a will is the person responsible for implementing the document instructions after you pass away. An executor distributes all assets, including large sums of money, so you should ensure the person you choose is comfortable with, and able to handle, the responsibility.
- Name All Beneficiaries
Only the beneficiaries named in the will can legally receive estate assets. For this reason, you should be thorough when choosing who you would like to have each of your belongings. Make sure you double-check your list, so you don’t leave anyone out.
- Be Clear with Your Instructions
When creating instructions for how you would like your assets distributed, make sure you leave no room for loose interpretation. You should be as clear and concise as possible, so the executor and beneficiaries can do exactly as you instruct.
- Keep the Document Up to Date
Once you have completed a will, it may be tempting to keep it in a safe place and forget about it. However, you should update the instructions of your will following any major life event. For example, if you create a will and a few years later you and your partner have a child, you should update the document with who you would like to be the legal guardian of your child (should anything catastrophic happen to you and your partner) and list which assets you would like your child to have.
Helping Our Clients Establish a Will
At Letterio & Haug, LLP, we will guide you through each step in the will process to decrease the chance of anything getting left out.
To schedule your appointment, call our firm at (845) 203-0997 or contact us online today.