Klenk Law

What Should You Include in a Will?

Posted on Wed Jul 24, 2019, on Estate Planning

Estate Planning Lawyer

What Should You Include in a Will? It’s never too early to establish a will. The will is a legal document that helps ensure that your loved ones are taken care of once you’re gone. A well-drafted will gives you peace of mind. Estate planning lawyers share everything that you should include in your will below.

Name an Executor

One of the first things you should do is appoint an executor to carry out the terms of your will. This person will be responsible for finding and distributing your assets to your heirs, paying your debts and taxes and wrapping up your affairs. Being an executor is a huge undertaking, so make sure to choose someone who is up for the responsibility. Ideally, this person should be responsible, honest, and organized. It’s also important to ask the person you want to serve as executor if he or she wants to do the job. Some people may have a lot of obligations and don’t have the time to serve as an executor of a will. 

Determine Who Will Inherit Your Assets

After you have listed your significant assets, like your home and investment accounts, decide to whom you will make the gift. Most people leave assets like these to their spouse or children. However, you can also give assets to other family members and even friends. It’s a good idea to talk about your decisions with your loved ones as soon as possible. This way, they won’t be surprised at the reading of the will.  Sometimes it isn’t what you put in the will, but how the will carries out your wishes without conflict.

Name Alternative Beneficiaries

In a perfect world, all of your beneficiaries would survive to inherit their assets. However, life can be unpredictable at times, so it’s essential to plan. In your will, name alternative beneficiaries to inherit your assets in case your original beneficiaries don’t survive. You should include in a will back up provisions. The world changes, but you may not get back to the lawyer’s office before your death.

Select a Guardian for Your Children

If you have minor children, it’s imperative to name a guardian. If something unexpected should happen to you, you want to ensure that your children will be cared for by a person of your choice. The person you should be financially stable, responsible, nurturing, and have similar values to yourself. Before you select someone to be a guardian, you should talk it over with them first. Being a guardian is a huge responsibility, and not everyone is ready for the task.

Choose Someone to Manage Your Children’s Property

Do you plan on leaving property to your minor children? If so, it’s crucial to select a responsible adult to manage the property. Children are too young to manage the property themselves, so they need someone to do it on their behalf.

What Should You Include in a Will

If you want to establish a will, you should speak to an estate planning lawyer in Rolling Meadows, IL soon. Wills can be very complicated documents, so you don’t want to attempt creating one yourself.

 

Thanks to Bott & Associates, Ltd., for their insight into estate planning and what to include in a will.

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