Knowing What to Include in Your Will

Last Will and TestamentLet’s face it, the topic of wills isn’t exactly cheery and uplifting. However, if you want to make sure that your property and possessions are distributed in accordance with your wishes after you pass away, this is a subject you’ll have to broach.

The good news is, creating one of these legal documents may be much easier and quicker than you think, and once you’ve done it you’ll benefit from added peace of mind. To help ensure the process runs smoothly, here’s a quick rundown of the things you should include in your will:

Details of Your Money, Property and Possessions

Of course, this document wouldn’t be complete without details of your money, property and possessions. You should include everything from your home to your bank accounts, shares, pensions, insurance policies and more. You can mention any treasured objects that you’d like to pass on too.

Your Beneficiaries

You’ll also need to specify the people who you wish to leave your assets to. After all, as noted by The Law House, one of the reasons for making a will is to look after your loved ones and to make sure that your property and possessions go to the right individuals. As well as any people you want to include on this document, you should consider whether or not to leave money to charities or other organisations. All the parties you wish to give money or property to are referred to as your beneficiaries.

Guardianship Arrangements

There is also the issue of guardianship arrangements to consider. If you are responsible for any children under the age of 18, you should state in your will who you wish to take over as guardians in the event of your death. You should also specify where the money will come from to look after them. Usually, these financial provisions are made in the form of trusts, which hold money or property until children reach a stated age.

Your Executors

Last but not least on this list, it’s important to identify your executors. These are the people who will carry out your wishes in accordance with the details of your will. It’s best to name more than one individual, and you can choose friends, relatives or solicitors. By getting to grips with what you need to include on your will and drawing one of these legal documents up, you can ensure that your estate is handled in the way you want after you pass away.

Blogger-in-Chief here at RetirementSavvy and author of Sin City Greed, Cream City Hustle and RENDEZVOUS WITH RETIREMENT: A Guide to Getting Fiscally Fit.

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