When people think of tasks that need to be completed, creating a last will and testament may not come to mind. It is difficult to think of a time where we will not be here with friends and loved ones. It may also be a far reach to consider what will happen to the property and assets one has accumulated during a lifetime after they pass. Whether one has just reached retirement age or is just starting a family, it is important to consider creating a will. This document records what will happen to the estate if an unexpected accident should occur.
There are many critical details to include in the last will and testament to ensure everything runs smoothly once one passes away. The executor of the estate and will is one who will be in charge of taking the estate through the probate process and ensure everything is handled according to the wishes stated in the will. If an executor is not named in the last will and testament, one will be appointed by the state. If possible, one should choose a responsible executor that they trust to oversee the finalization of the will.
Next, one should think about all of the property and assets that are involved in the estate, such as the following:
- Homes, cars and furniture
- Art and antiques
- Heirlooms
- 401k plans and retirement accounts
- Stocks and term life insurance policies
Then, make a list of beneficiaries, or who is entitled to what in the last will and testament.
Finally, if there are small children involved, it is important to include who one wishes to watch over the children should they pass away unexpectedly. Choosing a guardian can be a difficult process. Yet, it is necessary to think of these things so any confusion can be avoided in the future.