If you have yet to put together your estate plan, one of the first legal documents you may create is your will. This document includes information about how you want to distribute your property and assets following your death.
According to the CDC Foundation, a will is also where you can name guardians for your pets, children and dependents, as well as your estate’s executor. As you start the estate planning process, prepare to put the following information in your will.
Your executor is the person responsible for carrying out the instructions you include in your will. After you die, your executor will also manage your affairs, which may include filing a final tax return and settling any unpaid debts.
If you unexpectedly pass away, you will want a guardian to step in and take care of your minor children. You can name a guardian for your minor children in your will, as well as other dependents, such as a senior parent or an adult child who has disabilities.
Assets and beneficiaries
One of the main purposes of your will involves listing out your assets and who should receive them after you die. You can include real estate property, high-value assets, personal belongings and money in your will.
Even if you do not believe you possess significant wealth, you should create a will as soon as possible. Having a will in place can prevent disputes among your family members after you die and ensure the efficient distribution of your assets following your death.