Creating a last will and testament is not confined to those planning their retirement or making final life arrangements. You may not think about writing your will when you get married or have your first child. However, financial and estate planning professionals suggest that this is the best time to create this important document. You never know when an emergency will occur and you want to prepare you and your family for such an unexpected event.
When writing your last will and testament, there are some items you may want to consider including in the document. These include, but are not limited to, the following:
- Guardians you wish to care for your children if you can no longer care for them
- The person who will act as executor to the estate
- The person or people you would like to handle your children’s finances
- What property and assets you would like included in the will
- The beneficiaries, or who you would like to receive what property and assets
It may be helpful to have a general idea of who you would like to act in these areas before going to write your will.
You may feel overwhelmed or intimidated while making these important life decisions. However, it is important to keep in mind that you can revisit your last will and testament at any time and modify your choices. For example, if you purchase land, start a business, have a child or wish to change the guardian of your children, you can update your will to include this new information.
This information is intended to educate and should not be taken as legal advice.