Ensuring the financial health of your family after your demise may be high on your to-do list. The best legal way for you to do this is to create a last will and testament. This is designed to protect your investments and provide your family with the remainder of your assets once you die. However, in order to have the most success with this legal document, you will want to know what to include in your will.
Division of assets
One of the first things you will want to include in your will is the individual who will receive your assets. This may include physical items or cash that you have in your banking account.
You will need to list the family member or friend and what you want to leave this person when creating this legal document.
List an executor
You will need to have a person whom you trust completely and can depend on to be the executor of the will. This will be an individual you know and have discussed this with beforehand and agrees on taking on this responsibility.
The executor will be in charge of overseeing that that the will is implemented as you want it to be. This position is critical and will play a significant role in ensuring your wishes are followed precisely.
Select a guardian
If you have children that are underage, you will want to choose a person who will take care of your kids if you're deceased. This should be a person who is aware of this situation and has willingly agreed to do so.
Raising children isn't an easy task and finding a person who decides to take on this responsibility may be challenging. You may want to speak to other family members about assuming this role if you're unable to do so.
Stipulations
There may be some cases that will require you to list stipulations in the will. For instance, if you're leaving a child a great deal of money, you may not want this person to receive the full amount until the age of 18 or 21. This is referred to as a stipulation, and if you want certain things to be done, you will need to list these in your will.
Taking the time to create a will is the time that is sure to be well spent and will render you peace of mind. Be sure to rely on an estate attorney to assist you in making this legal document.
For an estate planning attorney, contact a law firm such as Bayer Jerger & Underwood.
Share12 May 2016
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