Inheritance Talk: What to Include in a Will
It’s not too early to do your will estate planning. It’s one of the most important documents you will ever sign.
But the process doesn’t have to be complicated or confusing if you know what to do.
So if you’re wondering what to include in a will, read below and get started today.
The executor of your will should be someone you trust. They will be responsible for carrying out the directions in the will.
When making a will, choose your executor and talk to them about what are inheritance taxes and how will planning can help you limit these taxes.
The executor will work with your friends and family to go over each detail of the will.
Many people draft a will when they become parents. One of the most important things to include in a will is guardianship. If you pass away before your child or children are adults, you can choose who will take care of them.
Without guardianship instructions, a spouse or close relative usually is responsible for caring for children. Even if this is the person you have in mind for guardianship, you should document your decision within the will.
If you have pets, you should include a caretaker for them too. When you pick a caretaker for your pet, talk to that person first, and make sure they are willing and able to care for an animal.
An asset is a general term for anything you own. Money, jewelry, cars, and anything else you own is considered an asset.
Working with a wills and probate attorney will assure you that your assets are divided as you intended.
A last will and testament is an easy way to organize your assets and the heirs to those assets. No detail is too small when dividing assets.
When making a will, you might hear the term “real property“. This refers to land, buildings, or mineral interests you may have.
The process of leaving property to a family member or friend is more complicated than other assets. Consult your attorney about the property first. Check out wills and trust attorney.
An attorney may recommend that you create a trust for your property assets to make the process simpler.
If you are owed debts when you die, those debts are not automatically forgiven. If you wish to forgive those debts, be very clear about it in the will.
If you do not address debts in the will, the person owing the debt may be required to pay that amount to your legal heir.
Now That You Know What to Include in a Will
You know what to include in a will, so it’s time to take action. Pick your executor, contact a probate attorney, and start making a list of property and other assets to include in the will.
Be as detailed and straight-forward as you can be. Your loved ones will appreciate it.
Looking for more legal information? Take a look at our other legal content and keep learning.
Andrea Parker is a reporter for Zobuz. She previously worked at Huffington Post and Vanity Fair. Andrea is based in NYC and covers issues affecting her city. In addition to her severe coffee addiction, she’s a Netflix enthusiast, a red wine drinker, and a voracious reader.