A will is a legal declaration, by which a person leaves instruction on what to do with their assets and personal belongings upon their death. Wills can cover instruction for a wide array of items, including but not limited your executor, how your assets will be distributed, and who will care for your minor children. Here are five important items that should be included in your will.
Your Will should specify who you wish to be your executor. An executor the person who will take over control of your assets upon your death, which is why appointing an executor is arguably one of the most important decisions you need to make regarding your will.
A trust lets you transfer ownership of your assets to certain individuals but still retain control of how those assets are distributed. If your heir has a habit of carelessly spending money, you can create a trust that gives them their inheritance over time, rather than in a lump sum.
If you want to leave a gift of personal property to certain people or establishments/organizations, it’s possible to include this in your Will. The legal term for leaving a gift is a legacy.
If you have children who are minors, you can name the person you want to have guardianship over them in the event that something happens to you or your spouse. A guardianship clause is not legally binding, but courts typically grant the request.
Distribution of Assets
Directing how your assets are distributed is the main reason for having a Will. It indicates how you want your property and assets distributed amongst those who survive you.