Making a will is important for adults at any age. Having a will enables you to state exactly how you want your estate divided. Passing away without a will can lead to unnecessary complications and your wishes may not be carried out. Sometimes it creates rifts among the people you leave behind as they try to determine how your estate should be allocated. Furthermore, if you die without a will, you may be paying more in estate taxes and legal fees. Here are some things to review before you draw up your will. Your attorney can guide you through the process and answer questions about your specific situation.
- If you have children under the age of eighteen, decide on a guardian. If your spouse or ex-spouse is living and you pass away, he or she will likely be the legal guardian. However, you will need to name a guardian for if you both pass away. Pick someone who shares your values and can afford to raise your kids. Consider their proximity to your city or town since you may not want your kids to have to move.
- Some assets such as life insurance policies and retirement accounts should already have beneficiaries named so these accounts are separate from your will. You should be sure to keep the beneficiaries you named in these accounts up-to-date.
- You need to choose an executor of your will. An executor takes care of closing accounts, paying debts, and distributing the property in your will. You need someone competent and organized to handle this job. You can choose a relative or friend. Some people choose their attorney; in any case an executor can consult with an attorney during the process.
If you don’t have a will, it’s time to make one. Although, you can write your own will, many people have legal questions so using an attorney may be a better choice for this important document. At AssuredPartners NL, we want to make sure your loved ones are always protected. Our agents will be happy to review your life insurance policy or discuss a new policy with you. Always feel free to reach out to one of our knowledgeable agents at 888-702-0901.