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You may not spend much time thinking about what’ll happen to your property and possessions after you die. You may be too busy in life right now to even think that far in the future. However, you don’t know when or how your life will end, so it’s important to be prepared. A will can give you the peace of mind you need that whenever you die, your family will be in good hands and your wishes will be carried out.
A will is a legal document that lays out what you want to become of the things you own. In the document, you will state to whom assets will go and who will be responsible for your estate. An official in court will read the document upon your death and ensure that its conditions are met.
Designating Key People
In your will, you will name specific people to be involved in this process. First, you will choose an executor. This individual will handle your financial affairs after you die. This includes paying bills, managing debt and organizing accounts such as checking, savings and retirement. The executor will properly distribute your money to heirs. You should also name your beneficiaries. These are usually family members (a spouse and children) who will receive life insurance payouts and other benefits upon your death. If you die while still having dependents at home, you’ll want someone to take care of them. You should do this in the event that your spouse or partner has passed away already or passes away while the children are still minors.
Distributing Property and Possessions
At this point in the will, you need to consider everything you own, whether of monetary or intrinsic value, and what you want to happen to it. You can designate items such as artwork and other collections, automobiles, homes and keepsakes to go to family members or other close associates. Make sure you are clear in these designations.
Consequences of not Doing a Will
Failing to draft a will and testament could create a lot of stress for the family members you leave behind. Without a will, your estate will go to probate, which could be a long process. This could also cause tension in your family as people argue over who should get certain items.
Speak to an estate planning lawyer, like from Klenk Law, today about drafting a will. This important document will help you arrange your affairs before you die.