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The 4 steps to creating your will

The 4 steps to creating your will

On Behalf of | Jul 30, 2020 | Estate Planning

Your will is one of the key documents in your estate. The American Bar Association states that your will outlines how to distribute your property after your death and who will receive these items.

Creating a will is not a difficult process and will likely be the first step you take when putting together your entire estate. Below are the first four steps you may take when putting together your will.

1. Pick the property to include

Make a list of significant assets you own individually. These may include real estate, family heirlooms, jewelry, fine furniture, artwork, digital assets and any other item that holds monetary or personal value.

2. Choose who will receive your property

Determine who will receive your assets after you die. Keep in mind that in addition to your first choices, you should also choose alternative beneficiaries in case your first preferences do not outlive you.

3. Pick your executor

As part of creating your will, you also have to name someone to serve as the executor. This person is responsible for following through on the terms outlined in your will. After you choose this person, let him or him know to ensure he or she is willing to serve in this capacity.

4. Select a guardian for minor children

If you have children under the age of 18, you need to name a person as their guardian in your will. This person will take on the responsibility of raising your children if you and their other parent cannot do so.

Once you complete these four steps and finalize your will, you will need to sign it in front of at least two witnesses. After you finalize this step, you should store your completed will in a safe place and let the executor you named in this document how to access it when the time comes.

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