Wills are a vital part of estate planning that should never be overlooked. Having a will allows you to determine how your estate will be distributed upon your passing, ensuring that your wishes are followed while significantly reducing stress and uncertainty for your loved ones. As experts in wills and estate planning, the team at Sidhu & Associates knows how complex and intimidating wills can be, especially without assistance. That is why our team has provided some information outlining what should be included in a will to help you get started.
What assets pass through a will?
4 Important Elements to Consider When Creating a Will
When preparing your will, it is crucial to include information regarding the following elements:
1. Your Executor
The person who will distribute your estate according to the provisions in your will is known as an executor. This individual should be someone who can handle the responsibilities associated with the role while being a person you trust to accurately enact your wishes. While one executor is often enough, it is never a bad idea to name an alternate executor in case your primary choice can no longer serve this role.
2. Assets and Debts
Next, you should make a list of all significant assets you own. This list will typically include your home, vehicles, and smaller possessions such as jewelry, furniture, and other items like family heirlooms. When listing your assets, be sure to remember that you can only distribute property that you are the sole owner of. After listing your property, you will need to create a list of all debts to ensure they are properly handled upon your passing. These typically include mortgages, car loans, credit cards, student loans, and personal loans.
3. Beneficiaries
While listing beneficiaries can seem straightforward to some, this part of the will is often the most highly contested. Be sure to make a list of every individual you want to include in your will. This will make it easier to determine the items/amount of your estate that each person should receive. It should be noted that recent births, deaths, marriages, divorces, and other life events can drastically influence your beneficiaries, so this section should be reviewed regularly.
4. A Guardian for Your Children
If you have children under the age of 18, your will is the perfect place to name a guardian to care for them. When naming a guardian, it is important to consider their relationship with your children, if they have enough time to care for your children, and if they are willing to take on this responsibility.
To learn more about wills and other areas of estate planning, get in touch with the team at Sidhu & Associates. We can be reached through our online contact form and will be happy to answer any questions you may have regarding our services or the details of your will.
