If you think it’s time to sit down and draw up a will, then it’s also time to talk about what you should include in your will. A good will has many pieces of information, such as a list of your assets and bank accounts, guardianship assignments for minors and documents that your loved ones may need.
If you haven’t started building your will yet but want to know more about how you should prepare, your attorney can give you specifics based on your particular case. The following are some things you may want to include in your will.
1. Estate asset descriptions
The first thing that you should include in your will is a list of your assets. Name everything from major property to bank accounts, life insurance policies and other items that your loved ones may need after you pass away.
2. Property distribution guidelines
The next thing you may want to talk about is how you want to divide your property. You might, for example, want each child to receive 25% of the estate and any remaining assets distributed through the remainder of your family. You may also decide to give all of your estate to charity. It’s up to you, so make sure you include this information in your will.
3. Executor designations
A good item to include in your will is a named executor. You can name several people whom you’d like to have handle your estate after you pass away (or if you’re unable to care for yourself during life). That way, if one person can’t take over, another can step up into the role.
4. Guardians for your children
The next thing you may need to include is a list of people whom you’d like to have take guardianship of your children if you pass away or can’t take care of them any longer. Again, you can choose more than one person to take on this role. Assigning more than one guardian is a good idea, because if an original selection can’t take on the role, someone else may be able to.
These are just four of the different things that you may want to include in your will. Once you have an idea of what you’d like to include, bring those documents and wishes with you to your attorney’s office, so you can begin setting up the right will for your estate.